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1 BASIS OF ACCOUNTING
Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company
incorporated in England and Wales and domiciled in the UK. The Group
Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d).
The Group Financial Statements have been prepared and approved by the
Directors in accordance with UK adopted international accounting standards.
The Group Financial Statements have been prepared under the historical
cost convention except where the measurement of balances at fair value is
required as explained below. The Financial Statements are prepared in
millions to one decimal place, and in sterling, which is the Company\u2019s
functional currency.
Climate change
In preparing the Consolidated Financial Statements, management have
considered the impact of climate change, particularly in the context of the
disclosures included in the Strategic Report this year and the sustainability
goals, including the stated net-zero targets. Climate change is not expected
to have a significant impact on the Group\u2019s going concern assessment to
30 June 2026 nor the viability of the Group over the next five years following
consideration of the below points.
\u2013 The Group has modelled various scenarios to take account of the risks
and opportunities identified with the impact of climate change to assess
the financial impact on its business plan and viability.
\u2013 The Group is developing alternatives to the Internal Combustion Engine
(\u2018ICE\u2019) with a blended drivetrain approach between 2025 and 2030,
including Plug-in Hybrid Electric Vehicle (\u2018PHEV\u2019) and Battery Electric
Vehicle (\u2018BEV\u2019), with a clear plan to have a line-up of electrified sports
cars and SUVs. This is supported by significant planned capital
investment of around \u00a32bn in advanced technologies over the 5 year
period from 2025 to 2029, with investment shifting from ICE to BEV
technology.
\u2013 The Group has a Strategic Cooperation Agreement with Mercedes-Benz
AG. The agreement provides the Company with access to a wide range of
world-class technologies for the current generation of luxury vehicles
and future derivatives which are planned to be launched through to 2028.
\u2013 The Group has a supply agreement with world-leading electric vehicle
technologies company, Lucid Group, Inc., which will help drive the
Group\u2019s high-performance electrification strategy and its long-term
growth. The agreement involves Lucid, a world-leader in the design
and manufacture of advanced electric powertrains and battery systems,
supplying industry-leading electric vehicle technologies. Access to
Lucid\u2019s current and future powertrain and battery technology will
support the creation of a bespoke, singular BEV platform, suitable for
all product types from hypercar to SUV.
\u2013 The Group is leading a six-partner collaborative research and
development project, Project ELEVATION, which was awarded \u00a39.0m of
government funding through the Advanced Propulsion Centre, further
supplementing the research and development of its innovative modular
BEV platform.
\u2013 The Group\u2019s first hybrid supercar, Valhalla, is entering production in
2025, with its first BEV planned for the latter part of this decade.
Consistent with the above, management have further considered the impact of
climate change on a number of key estimates within the Financial Statements
and has not found climate change to have a material impact on the conclusions
reached.
Climate change considerations have been factored into the Directors\u2019
impairment assessments of the carrying value of non-current assets (such as
capitalised development cost intangible assets) through usage of a pre-tax
discount rate which reflects the individual nature and specific risks relating to
the business and the market in which the Group operates.
In addition, the forecast cash flows used in both the impairment assessments
of the carrying value of non-current assets and the assessment of the
recoverability of deferred tax assets, reflect the current energy cost
headwinds and future costs to achieve net zero manufacturing facilities by
2030. The forecasts also consider forecast volumes for both existing and
future car lines given current order books and the assessment of changing
customer preferences in the context of climate change considerations.
Going concern
The Group meets its day-to-day working capital requirements and medium
term funding requirements through a mixture of $1,050.0m SSNs at 10.0%
and \u00a3565.0m of SSNs at 10.375% both of which mature in March 2029, a
revolving credit facility (RCF) (\u00a3170.0m) which matures on 31 December
2028, facilities to finance inventory, a bilateral RCF facility and a wholesale
vehicle financing facility (as described in note 18). Under the RCF, the Group
is required to comply with a leverage covenant tested quarterly. Leverage is
calculated as the ratio of adjusted EBITDA to net debt, after certain
accounting adjustments are made. Of these adjustments, the most significant
is to account for lease liabilities under \u201cfrozen GAAP\u201d, i.e. under IAS17 rather
than IFRS 16. Details of this adjustment are included in note 16. The Group
has complied with its covenant requirements for the year ended
31 December 2024 and expects to do so for the Going Concern period.
The amounts outstanding on all the borrowings are shown in note 23.
The directors have developed trading and cash flow forecasts for the period
from the date of approval of these Financial Statements through 30 June
2026 (the \u201cgoing concern review period\u201d). These forecasts show that the
Group has sufficient financial resources to meet its obligations as they fall
due and to comply with covenants for the going concern review period.
The forecasts reflect the Group\u2019s ultra-luxury performance-oriented
strategy, balancing supply and demand and the actions taken to
improve cost efficiency and gross margin. The forecasts include the costs of
the Group's environmental, social and governance (\"ESG\") commitments
and make assumptions in respect of future market conditions and, in
particular, wholesale volumes, average selling price, the launch of new
models, and future operating costs. The nature of the Group's business is
such that there can be variation in the timing of cash flows around the
development and launch of new models. In addition, the availability of funds
provided through the vehicle wholesale finance facility changes as the
availability of credit insurance and sales volumes vary, in total and seasonally.
Going concern continued The forecasts take into account these factors to the
extent that the Directors consider them to represent their best estimate of
the future based on the information that is available to them at the time
of approval of these Financial Statements.
The Group directors have considered a severe but plausible downside
scenario that includes considering the impact of a 20% reduction in DBX
volumes and a 10% reduction in sports volumes from forecast levels
covering, although not exclusively, operating costs higher than the base plan,
incremental working capital requirements such as reduced deposit inflows
or increased deposit outflows and the impact of the strengthening of the
sterling-dollar exchange rate.
The Group plans to make continued investment for growth in the period and,
accordingly, funds generated through operations are expected to be
reinvested in the business mainly through new model development and
other capital expenditure. To a certain extent such expenditure is
discretionary and, in the event of risks occurring which could have a
particularly severe effect on the Group, as identified in the severe but
plausible downside scenario, actions such as constraining capital spending,
working capital improvements, reduction in marketing expenditure and the
continuation of strict and immediate expense control would be taken to
safeguard the Group\u2019s financial position.
In addition, we also considered the circumstances which would be needed to
exhaust the Group\u2019s liquidity over the assessment period; a reverse stress
test. This would indicate that vehicle sales would need to reduce by more
than 40% from forecast levels without any of the above mitigations to result
in having no liquidity. The likelihood of these circumstances occurring is
considered remote both in terms of the magnitude of the reduction and that
over such a long period, management could take substantial mitigating
actions, such as reducing capital spending to preserve liquidity.
Accordingly, after considering the forecasts, appropriate sensitivities,
current trading and available facilities, the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future and to comply with its
financial covenants, therefore, the Directors continue to adopt the going
concern basis in preparing the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-671": { "value": "Aston Martin Lagonda Global Holdings plc (the \u201cCompany\u201d) is a company incorporated in England and Wales and domiciled in the UK. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Group Financial Statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required as explained below. The Financial Statements are prepared in millions to one decimal place, and in sterling, which is the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Aston Martin Lagonda Global Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "value": "Aston Martin Lagonda Global Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-703": { "value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-704": { "value": "The Financial Statements are prepared in millions to one decimal place, and in sterling, which is the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-672": { "value": "Climate change In preparing the Consolidated Financial Statements, management have considered the impact of climate change, particularly in the context of the disclosures included in the Strategic Report this year and the sustainability goals, including the stated net-zero targets. Climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2026 nor the viability of the Group over the next five years following consideration of the below points. \u2013 The Group has modelled various scenarios to take account of the risks and opportunities identified with the impact of climate change to assess the financial impact on its business plan and viability. \u2013 The Group is developing alternatives to the Internal Combustion Engine (\u2018ICE\u2019) with a blended drivetrain approach between 2025 and 2030, including Plug-in Hybrid Electric Vehicle (\u2018PHEV\u2019) and Battery Electric Vehicle (\u2018BEV\u2019), with a clear plan to have a line-up of electrified sports cars and SUVs. This is supported by significant planned capital investment of around \u00a32bn in advanced technologies over the 5 year period from 2025 to 2029, with investment shifting from ICE to BEV technology. \u2013 The Group has a Strategic Cooperation Agreement with Mercedes-Benz AG. The agreement provides the Company with access to a wide range of world-class technologies for the current generation of luxury vehicles and future derivatives which are planned to be launched through to 2028. \u2013 The Group has a supply agreement with world-leading electric vehicle technologies company, Lucid Group, Inc., which will help drive the Group\u2019s high-performance electrification strategy and its long-term growth. The agreement involves Lucid, a world-leader in the design and manufacture of advanced electric powertrains and battery systems, supplying industry-leading electric vehicle technologies. Access to Lucid\u2019s current and future powertrain and battery technology will support the creation of a bespoke, singular BEV platform, suitable for all product types from hypercar to SUV. \u2013 The Group is leading a six-partner collaborative research and development project, Project ELEVATION, which was awarded \u00a39.0m of government funding through the Advanced Propulsion Centre, further supplementing the research and development of its innovative modular BEV platform. \u2013 The Group\u2019s first hybrid supercar, Valhalla, is entering production in 2025, with its first BEV planned for the latter part of this decade. Consistent with the above, management have further considered the impact of climate change on a number of key estimates within the Financial Statements and has not found climate change to have a material impact on the conclusions reached. Climate change considerations have been factored into the Directors\u2019 impairment assessments of the carrying value of non-current assets (such as capitalised development cost intangible assets) through usage of a pre-tax discount rate which reflects the individual nature and specific risks relating to the business and the market in which the Group operates. In addition, the forecast cash flows used in both the impairment assessments of the carrying value of non-current assets and the assessment of the recoverability of deferred tax assets, reflect the current energy cost headwinds and future costs to achieve net zero manufacturing facilities by 2030. The forecasts also consider forecast volumes for both existing and future car lines given current order books and the assessment of changing customer preferences in the context of climate change considerations. ", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DisclosureOfClimateChange", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-673": { "value": "Going concern The Group meets its day-to-day working capital requirements and medium term funding requirements through a mixture of $1,050.0m SSNs at 10.0% and \u00a3565.0m of SSNs at 10.375% both of which mature in March 2029, a revolving credit facility (RCF) (\u00a3170.0m) which matures on 31 December 2028, facilities to finance inventory, a bilateral RCF facility and a wholesale vehicle financing facility (as described in note 18). Under the RCF, the Group is required to comply with a leverage covenant tested quarterly. Leverage is calculated as the ratio of adjusted EBITDA to net debt, after certain accounting adjustments are made. Of these adjustments, the most significant is to account for lease liabilities under \u201cfrozen GAAP\u201d, i.e. under IAS17 rather than IFRS 16. Details of this adjustment are included in note 16. The Group has complied with its covenant requirements for the year ended 31 December 2024 and expects to do so for the Going Concern period. The amounts outstanding on all the borrowings are shown in note 23. The directors have developed trading and cash flow forecasts for the period from the date of approval of these Financial Statements through 30 June 2026 (the \u201cgoing concern review period\u201d). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. The forecasts reflect the Group\u2019s ultra-luxury performance-oriented strategy, balancing supply and demand and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\"ESG\") commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new models, and future operating costs. The nature of the Group's business is such that there can be variation in the timing of cash flows around the development and launch of new models. In addition, the availability of funds provided through the vehicle wholesale finance facility changes as the availability of credit insurance and sales volumes vary, in total and seasonally. Going concern continued The forecasts take into account these factors to the extent that the Directors consider them to represent their best estimate of the future based on the information that is available to them at the time of approval of these Financial Statements. The Group directors have considered a severe but plausible downside scenario that includes considering the impact of a 20% reduction in DBX volumes and a 10% reduction in sports volumes from forecast levels covering, although not exclusively, operating costs higher than the base plan, incremental working capital requirements such as reduced deposit inflows or increased deposit outflows and the impact of the strengthening of the sterling-dollar exchange rate. The Group plans to make continued investment for growth in the period and, accordingly, funds generated through operations are expected to be reinvested in the business mainly through new model development and other capital expenditure. To a certain extent such expenditure is discretionary and, in the event of risks occurring which could have a particularly severe effect on the Group, as identified in the severe but plausible downside scenario, actions such as constraining capital spending, working capital improvements, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group\u2019s financial position. In addition, we also considered the circumstances which would be needed to exhaust the Group\u2019s liquidity over the assessment period; a reverse stress test. This would indicate that vehicle sales would need to reduce by more than 40% from forecast levels without any of the above mitigations to result in having no liquidity. The likelihood of these circumstances occurring is considered remote both in terms of the magnitude of the reduction and that over such a long period, management could take substantial mitigating actions, such as reducing capital spending to preserve liquidity. Accordingly, after considering the forecasts, appropriate sensitivities, current trading and available facilities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with its financial covenants, therefore, the Directors continue to adopt the going concern basis in preparing the Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "value": "
2 ACCOUNTING POLICIES
Basis of consolidation
The Consolidated Financial Statements consist of the Financial Statements of
the Group and all entities controlled by the Group. All intercompany balances
and transactions, including unrealised profits arising, are eliminated.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through
its power over the entity. In assessing control, the Group takes into
consideration potential voting rights that are currently exercisable.
The acquisition date is the date on which control is transferred to the
acquirer. The financial statements of subsidiaries are included in the Group
Financial Statements from the date that control commences until the date
that control ceases. The financial statements of subsidiaries used in the preparation of the Consolidated Financial Statements are prepared for the same reporting year as the Group and are based on consistent accounting policies. Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency of the operation by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the Consolidated Income Statement except for the translational differences on monetary items that form part of designated hedge relationships. The assets and liabilities of foreign operations are translated into sterling at the rate of exchange ruling at the reporting date. Income and expenses are translated at average exchange rates for the period. The resulting exchange differences are taken through Other Comprehensive Income to the translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in the translation reserve relating to the foreign operation is recognised in the Consolidated Income Statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Revenue recognition Revenue is recognised when the Group satisfies its performance obligation to supply a product or service to the customer. Revenue is measured at the fair value of the consideration receivable, deducting dealer incentives, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. Sale of vehicles Revenue from the sale of vehicles is recognised when control of the vehicle is passed to the dealer or individual, thus evidencing the satisfaction of the associated performance obligation under that contract. Control is passed when the buyer can direct the use of and obtain substantially all of the benefits of the vehicle which is typically at the point of despatch. When despatch is deferred at the formal request of the buyer and a written request to hold the vehicle until a specified delivery date has been received, revenue is recognised when the vehicle is ready for despatch and the Group can no longer use or direct the vehicle to an alternative buyer. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised when control of the vehicle is passed to an individual customer outside of the group. The Group estimates the consideration to which it will be entitled in exchange for satisfaction of the performance obligation as part of the sale of a vehicle. Revenue is recognised at the wholesale selling price net of dealer incentives (variable marketing expense or \u201cVME\u201d). VME is estimated and accrued for at the time of the wholesale sale to the dealer where no other obligations exist. For those elements of VME connected with retail sales by the dealer where there is also a contractual requirement for the dealer to 2 ACCOUNTING POLICIES CONTINUED Revenue recognition continued make additional wholesale purchases at that time to receive the incentive, the incentive is accrued at the time of the retail sale by the dealer to the end customer. Warranties are issued on new vehicles sold with no separate purchase option available to the customer and, on this basis, are accounted for in accordance with IAS 37. Service packages sold as part of the supply of a vehicle are accounted for as a separate performance obligation with the revenue deferred, based on the term of the package, at the original point of sale. The deferred revenue is released to the Consolidated Income Statement over the shorter of the period that the service package covers or the number of vehicle services that the end user is entitled to. The Group sells vehicles which feature certain telematics services allowing connectivity between a vehicle and an end user\u2019s technology device. Payment for the initial usage period of such features is typically received as part of the overall vehicle price. The Group recognises a contract liability reflecting an appropriate allocation of the vehicle sales price for the initial usage period. To the extent that the Group sells the service separately in the same market, the allocation is the observable price at which the Group sells the service separately. For all other services, the Group estimates the standalone selling price using a cost-plus-margin approach. Revenue is recognised on a straight-line basis over the term of the service which commences at the point of the vehicle being retailed to an end customer. Where a sale of a vehicle includes other performance obligations, the Group determines the allocation of the total transaction price by reference to their relative standalone selling prices where possible. Sales of parts Revenue from the sale of parts is recognised upon transfer of control to the customer, generally when the parts are released to the carrier responsible for transporting them. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised upon despatch
make additional wholesale purchases at that time to receive the incentive,
the incentive is accrued at the time of the retail sale by the dealer to the
end customer.
Warranties are issued on new vehicles sold with no separate purchase option
available to the customer and, on this basis, are accounted for in accordance
with IAS 37. Service packages sold as part of the supply of a vehicle are
accounted for as a separate performance obligation with the revenue
deferred, based on the term of the package, at the original point of sale. The
deferred revenue is released to the Consolidated Income Statement over the
shorter of the period that the service package covers or the number of
vehicle services that the end user is entitled to.
The Group sells vehicles which feature certain telematics services allowing
connectivity between a vehicle and an end user\u2019s technology device.
Payment for the initial usage period of such features is typically received as
part of the overall vehicle price. The Group recognises a contract liability
reflecting an appropriate allocation of the vehicle sales price for the initial
usage period. To the extent that the Group sells the service separately in the
same market, the allocation is the observable price at which the Group sells
the service separately. For all other services, the Group estimates the
standalone selling price using a cost-plus-margin approach. Revenue is
recognised on a straight-line basis over the term of the service which
commences at the point of the vehicle being retailed to an end customer.
Where a sale of a vehicle includes other performance obligations, the Group
determines the allocation of the total transaction price by reference to their
relative standalone selling prices where possible.
Sales of parts
Revenue from the sale of parts is recognised upon transfer of control to the
customer, generally when the parts are released to the carrier responsible
for transporting them. Where the dealer is Aston Martin Works Limited, an
indirect subsidiary of the Company, revenue is recognised upon despatch
to a customer outside of the Group.
Servicing and restoration of vehicles
Revenue is recognised upon completion of the service /restoration typically
when the service or restoration is completed in accordance with the
customers\u2019 requirements.
Brands and motorsport
Revenue from brands and motorsport is recognised when the performance
obligations, principally use of the Aston Martin brand name or supply of a
motorsport vehicle, are satisfied. Revenue is recognised either at a point in time or
over a period of time in line with IFRS 15 and according to the terms of the contract.
Customer advance payments
The Group receives advance cash payments from customers to secure their
allocation of a vehicle produced in limited quantities, typically with a lead time of
greater than 12 months. The value of the advance, both contractually refundable
or non-refundable, is held as a contract liability in the Consolidated Statement of
Financial Position. Upon satisfaction of the performance obligation, the liability is
released to revenue in the Consolidated Income Statement. If the deposit is
returned to the customer prior to satisfaction of the performance obligation, the
contract liability is derecognised.
Where a significant financing component exists, the contract liability
is increased over the same period of time as the contract liability is held
to account for the time value of money. A corresponding charge is
recognised in the Consolidated Income Statement within finance expenses.
Upon satisfaction of the linked performance obligation, the liability is
released to revenue.
The Group applies a practical expedient for short-term advances received
from customers whereby the advanced payment is not adjusted for the
effects of a significant financing component.
Finance income
Finance income comprises interest receivable on invested funds calculated
using the effective interest rate method, interest income and net currency gains
arising on foreign currency denominated borrowings (not designated under a
hedge relationship) that are recognised in the Consolidated Income Statement.
Finance expense
Finance expense comprises interest payable on borrowings calculated using
the effective interest rate method, interest expense on the net Defined
Benefit pension liability, gains and losses on financial instruments that are
recognised at fair value through the Consolidated Income Statement and net
foreign exchange losses on foreign currency denominated borrowings
(not designated under a hedge relationship) that are recognised in the
Consolidated Income Statement.
Interest incurred on lease liabilities accounted for under IFRS 16, interest
charged in relation to significant financing components on customer
advance payments, and the unwind of discounting on long term liabilities are
all recognised within finance expense.
Current/non-current classification
Current assets include assets held primarily for trading purposes, cash and
cash equivalents, and assets expected to be realised in, or intended for
sale or consumption as part of the Group\u2019s normal identifiable operating
cycle which is assumed to be 12 months. All other assets are classified as
non-current assets.
Current liabilities include liabilities held primarily for trading purposes in line
with the Group\u2019s identifiable normal operating cycle. These liabilities are
expected to be settled as part of the Group\u2019s normal course of business.
All other liabilities are classified as non-current liabilities. Customer deposits
and advances are typically presented as current, although, due to the timing
between deposit payment and a sale completing, can take longer than
12 months to unwind.
Goodwill
For acquisitions on or after 1 January 2010, the Group measures goodwill
at the acquisition date as:
\u2013 the fair value of the consideration transferred; plus
\u2013 the recognised amount of any non-controlling interests
in the acquiree; plus
\u2013 the fair value of the existing equity interest in the acquiree; less
\u2013 the net recognised amount (generally fair value) of the identifiable assets
acquired and liabilities assumed.
Costs related to the acquisition, other than those associated with the issue of
debt or equity securities, are expensed as incurred.
For the purpose of impairment testing, goodwill is allocated to the related
cash-generating unit. The only cash-generating unit of the Group is that of
Aston Martin Lagonda Group as there are no smaller groups of assets that
can be identified with certainty which generate specific cash flows
independent of the inflows generated by other assets or groups of assets.
Where the recoverable amount of the cash-generating unit is less than the
carrying amount, an impairment loss is recognised in the Consolidated
Income Statement.
Intangible assets
Intangible assets acquired separately from a business are carried initially
at cost. An intangible asset acquired as part of a business combination is
recognised outside of goodwill if the asset is separable, or arises from
contractual or other legal rights, and its fair value can be measured reliably.
Fair value adjustments are considered to be provisional at the first year end
date after the acquisition, to allow the maximum time to elapse for
management to make a reliable estimate.
Purchased intellectual property
Purchased intellectual property that is not integral to an item of property,
plant and equipment is recognised separately as an intangible asset stated at
cost less accumulated depreciation.
Brands
An acquired brand is only recognised in the Consolidated Statement of
Financial Position as an intangible asset where it is supported by a registered
trademark, is established in the marketplace, the brand could be sold
separately from the rest of the business and where the brand achieves
earnings in excess of those achieved by unbranded products.
The value of an acquired brand is determined by allocating the purchase
price consideration of an acquired business between goodwill and the
underlying fair values of the tangible assets, brands and other intangible
assets acquired, using an income approach following the multi-period excess
earnings methodology. Acquired brands have an indefinite life when there is
no foreseeable limit to the period over which the asset is expected to
generate cash inflows.
Development costs
Expenditure on internally developed intangible assets, excluding
development costs, is taken to the Consolidated Income Statement in the
year in which it is incurred. Clearly defined and identifiable development
costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following
criteria have been met:
\u2013 The project\u2019s technical feasibility and commercial viability, based on an
estimate of future cash flows, can be demonstrated when the project has
reached a defined milestone according to the Group's established
product development model.
\u2013 Technical and financial resources are available for the project.
\u2013 An intention to complete the project has been confirmed.
\u2013 The correlation between development costs and future revenues has
been established.
Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer-commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. The existing Dealer Network asset arose as part of a business combination. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows:
Years
Purchased intellectual property
5
Development costs
1 to 10
Technology
10
Software and other
3 to 10
Dealer network
20
The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of special vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Consolidated Income Statement at the point of sale for each vehicle. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid, and the fair value of any other consideration given, to acquire the asset, including directly attributable costs to make the asset capable of operation. Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis to its residual value over its expected useful life as follows:
Years
Freehold buildings
30
Plant and machinery
5 to 30
Fixtures and fittings
3 to 12
Tooling
1 to 15
Motor vehicles
3 to 5
2 ACCOUNTING POLICIES CONTINUED Property, plant and equipment continued Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Consolidated Income Statement in the period of derecognition. Investments in equity instruments Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 \u2018Financial Instruments: Presentation\u2019 and are not held for trading. The classification is determined on Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Consolidated Income Statement in the period of derecognition. Investments in equity instruments Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 \u2018Financial Instruments: Presentation\u2019 and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Government grants Government grants are recognised in the Consolidated Income Statement, either on a systematic basis when the Group recognises the related costs that the grants are intended to compensate for, or immediately if the costs have already been incurred. Government grants related to assets are deducted from the cost of the asset and amortised over the useful life of the asset. Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant conditions and the grant will be received. Research and development tax relief in the form of the Research and Development Expenditure Credit (\u201cRDEC\u201d) is recognised in the Consolidated Income Statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised, as the Group\u2019s assessment of the conditions of receipt of the RDEC concludes that it meets the definition of a Government grant. Certain expenses within the scope of RDEC are capitalised as part of the Group\u2019s development costs. Where this is the case, the Group defers the income associated with the claim to deferred income and releases it to the Consolidated Income Statement in line with the amortisation profile of the associated asset. Claims are submitted annually based on the qualifying expenditure for a given accounting period. The cash benefit from the claim is received in the year of the claim and presented in operating cash flows.
If the subsidiary submitting the claim is loss-making, the RDEC claim is
restricted by an amount equal to the current rate of UK corporation tax. The
restricted amount can be applied in discharging any liability of the subsidiary
to pay corporation tax in any subsequent tax period and has been accounted
for as an unused tax credit in accordance with IAS 12 and is included within
deferred tax assets.
Movements in government grants are presented within operating cashflows.
Carbon credits
The production and import of vehicles into certain jurisdictions can trigger
a requirement to eliminate negative carbon credits, which gives rise to a
liability. From time to time, the Group enters into contracts to purchase
positive credits to offset the liability. The annual liability is currently immaterial
to the Group.
Right-of-use assets and lease liabilities \u2013 IFRS 16
Leases under which the Group acts as lessee
The Group is a party to lease contracts for properties, plant and machinery
and IT equipment. The Group recognises a right-of-use asset and a lease
liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date,
plus any initial direct costs incurred and an estimate of costs to dismantle and
remove the underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line
method from the commencement date to the earlier of the end of the useful
life of the right-of-use asset or the end of the lease term. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s useful life. The estimated useful lives
of right-of-use assets are determined on the same basis as those of property,
plant and equipment. Moreover, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease
payments unpaid at the commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, an
estimate of the Group\u2019s incremental borrowing rate at that point in time.
The Group estimates the incremental borrowing rate by taking a credit risk
adjusted risk-free rate in addition to making other specific adjustments to
account for certain characteristics in the lease such as geography, type of
asset and security pledged.
Lease payments included in the measurement of the lease liability comprise
either fixed lease payments or lease payments subject to periodic fixed
increases. The lease liability is measured at amortised cost using the effective
interest rate method. Lease payments are allocated between principal and
interest cost with the interest costs charged to the Consolidated Income
Statement over the lease period.
The liability is remeasured when there is an increase/decrease in future lease
payments arising from a change in an index or rate specified .
Short-term leases and leases of low-value assets
The Group does not recognise right of-use-assets and lease liabilities
for short-term leases that have a lease term of fewer than 12 months and
leases of low-value assets. The Group recognises the lease payments
associated with these leases as an expense on a straight-line basis in the
Consolidated Income Statement over the lease term.
Impairment of assets
The Group assesses at each reporting date whether there is an indication that
an asset may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group makes an estimate of
the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher
of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its
value-in-use.
Where the carrying amount of an asset exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the
asset. Impairment losses on continuing operations are recognised in the
Consolidated Income Statement.
For goodwill, brands and other intangible assets that have an indefinite
life, the recoverable amount is estimated annually or more frequently when
there is an indication that the asset is impaired.
For intangible assets, property, plant and equipment, and right-of-use lease
assets that have a finite life, the recoverable amount is estimated when there
is an indication that the asset is impaired.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of the
recoverable amount, but such that the increased carrying amount does not
exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior periods. A reversal of
an impairment loss is recognised in the Consolidated Income Statement
as income immediately.
Inventories
Inventories are stated at the lower of cost and net realisable value. For service
and restoration projects, net realisable value is the price at which the project
can be invoiced in the normal course of business after allowing for the costs
of completion.
Cost includes all costs incurred in bringing each product to its present
location and condition, as follows:
\u2013 Raw materials, service parts and spare parts \u2013 purchase cost on a first-in,
first-out basis.
\u2013 Work in progress and finished vehicles \u2013 cost of direct materials and
labour plus attributable overheads based on a normalised level of
activity, excluding borrowing costs.
Provisions are made, on a specific basis, for obsolete, slow-moving and
defective stocks and if the cost of the service or restoration project cannot
be fully recovered. Inventories held under financing arrangements are
recognised when control is transferred to the Group.
Cash and cash equivalents
Cash and cash equivalent in the Statement of Financial Position comprise:
\u2013 cash, being cash at banks and in hand as well as demand deposits.
\u2013 cash equivalents, being short-term deposits with an original maturity
of three months or less, subject to insignificant changes in value,
which are readily convertible to known amounts and held to meet short-
term commitments.
Derivative financial instruments
Derivative financial assets and liabilities are recognised in the Statement of
Financial Position at fair value when the Group becomes a party to the
contractual provisions of the instrument. The Group uses derivative
instruments to manage its exposure to foreign exchange risk arising from
operating activities. Movements in the fair value of foreign exchange
derivatives not qualifying for hedge accounting are recognised in finance
income or expense. The accounting policy on derivatives that are designated
as hedging instruments in hedging relationships is detailed in the hedge
accounting policies. A financial asset or liability is derecognised when the
contract that gives rise to it is settled, sold, cancelled or expires.
Financial assets and liabilities
Financial assets are cash or a contractual right to receive cash or another
financial asset from another entity, or to exchange financial assets or
liabilities with another entity under conditions that are potentially favourable
to the entity. In addition, contracts that result in another entity delivering
a variable number of its own equity instruments are financial assets.
Derivative financial instruments, including equity options, are held at fair
value. All other financial instruments are held at amortised cost.
Trade and other receivables
Trade and other receivables are carried at the lower of their original invoiced
value and recoverable amount. A trade receivable loss allowance is
measured at an amount equal to the lifetime expected credit loss at initial
recognition and throughout the life of the receivable. Receivables are not
discounted, as the time value of money is not considered to be material.
Trade and other payables
Trade and other payables are recognised and carried at their original
invoiced value. Trade payables are not discounted to consider the time value
of money as the impact is immaterial.
Refundable and non-refundable customer deposits are held as contract
liabilities within current trade and other payables.
Inventory sale and repurchase arrangements, which are in substance
financing transactions, are included in other payables. The difference
between the sale and repurchase value is accounted for as part of the
effective interest calculation. The effective interest is charged to the
Consolidated Income Statement over the period from sale to repayment.
Hedge accounting
The Group uses derivative financial instruments in the form of forward
currency contracts, and certain US dollar denominated borrowings, to hedge
the foreign currency risk of sales (including inter-Group sales) of finished
vehicles and external purchases of component parts. For the purpose
of hedge accounting, hedges are classified as cash flow hedges when
hedging the exposure to variability in cash flows either attributable to a
particular risk associated with a recognised asset or liability, or a highly
probable forecast transaction, or the foreign currency risk of an
unrecognised firm commitment.
At the inception of the hedge relationship, the Group formally designates
and documents the hedge relationship and the risk management objectives
and strategy for undertaking the hedge. The documentation includes
identification of the hedging instrument, the hedged item, the nature of
the risk being hedged and how the Group will assess hedge effectiveness.
A hedging relationship qualifies for hedge accounting if it meets all the
following effectiveness requirements:
\u2013 There is an economic relationship between the hedged item and the
hedging instrument.
\u2013 The effect of credit risk does not dominate the value changes resulting
from that economic relationship.
\u2013 The theoretical hedge ratio of the hedging relationship is the same
as practically occurs.
Derivative financial instruments
The effective portion of the gain or loss on the hedging instrument is
recognised in Other Comprehensive Income in the cash flow hedge reserve,
while any ineffective portion is recognised immediately in the Consolidated
Income Statement. The Group designates only the spot element of forward
contracts as a hedging instrument. The forward element is recognised in
Other Comprehensive Income and accumulated in a separate component of
equity under cost of hedging reserve.
Financial liability as a hedge
Foreign currency differences arising on the retranslation of a financial liability
designated as a cash flow hedge are recognised directly in Other
Comprehensive Income to the extent that the hedge is effective. To the
extent that the hedge is ineffective, such differences are recognised in the
Consolidated Income Statement.
Subsequent accounting
The amounts accumulated in both the cash flow hedge reserve and the cost of
hedging reserve are accounted for depending on the nature of the underlying
hedged transaction. If the hedged transaction subsequently results in the
recognition of a non-financial item, the amount accumulated in the hedge
reserve is removed and included in the initial cost of the hedge item. For any
other cash flow hedges, the amount accumulated in the hedge reserve is
reclassified to the Consolidated Income Statement as a reclassification
adjustment in the same period or periods during which the hedged cash
flow affects profit or loss.
If hedge accounting is discontinued, the amount that has been accumulated
in the hedge reserve must remain in equity if the hedged future cash flows
are still expected to occur. Otherwise, the amount will be immediately
reclassified to the Consolidated Income Statement as a reclassification
adjustment. After discontinuation, once the hedged cash flow occurs, any
amount remaining in the hedge reserve is accounted for depending on the
nature of the underlying transaction.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction
costs. Subsequent to initial recognition, borrowings are stated at amortised
cost with any difference between the amount initially recorded and
redemption value being recognised in the Consolidated Income Statement
as a finance expense over the period of the borrowings on an effective
interest basis.
Pensions
The Group operates a Defined Contribution pension plan under which the
Group pays fixed contributions into a separate entity and has no legal or
constructive obligation to pay further amounts. Obligations for contributions
to Defined Contribution pension plans are recognised as an expense in the
Consolidated Income Statement in the periods during which services are
rendered by employees.
The Group operates a Defined Benefit pension plan, which is contracted out
of the state scheme. The Group\u2019s net obligation in respect of Defined Benefit
plans is calculated for the plan by estimating the amount of the future benefit
that employees have earned in the current and prior periods, discounting
that amount and deducting the fair value of any plan assets.
The calculation of Defined Benefit obligations is performed annually
by a qualified actuary using the projected unit credit method. When the
calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic benefits available in the form
of any future refunds from the plan or reductions in future contributions to
the plan. When the calculation results in a deficit for the Group, the
recognised liability is adjusted for the discounted value of future deficit
reduction contributions in excess of the calculated deficit.
Remeasurements of the net Defined Benefit asset or liability, which comprise
actuarial gains and losses, the interest on plan assets, and the effect of the
asset ceiling or minimum funding requirements, are recognised immediately
in Other Comprehensive Income. The Group determines the net interest
expense (income) on the net Defined Benefit asset or liability, considering
any changes in the net defined asset or liability during the period as a result
of contributions and benefit payments. Net interest expense and other
expenses related to Defined Benefit plans are recognised in the Consolidated
Income Statement.
When the benefits of the plan are changed or when a plan is curtailed, the
resulting change in benefit that relates to past service cost or the gain or loss
on curtailment is recognised immediately in the Consolidated Income
Statement. The Group recognises gains and losses on the settlement of a
Defined Benefit plan when the settlement occurs.
Share-based payment transactions
The fair value of equity-classified share-based awards with both market and
non-market-based performance conditions is recognised as an expense
within administrative and other expenses in the Consolidated Income
Statement, with a corresponding increase in equity over the period that the
employees become unconditionally entitled to the shares.
The amount recognised as an expense is adjusted to reflect both non-
market-based conditions, such as continued employment and profit-related
metrics, in addition to market-based conditions driven by an estimation of
the quantum of awards expected to vest at the date of grant .
Where the Group obtains goods or services in exchange for the issuance of
shares, these are accounted for as equity-settled share-based payments in
accordance with IFRS 2. Where the fair value of the goods or services can be
estimated reliably, these are recorded at fair value with a corresponding
increase in equity.
In the instance of a scheme modification, the number of shares comprised in
an award is adjusted to reflect equity changes in the Group and will therefore
not impact underlying charges.
Provisions
The Group provides product warranties on all new vehicle sales. Warranty
provisions are recognised when vehicles are sold or when new warranty
programmes are initiated. Based on historical warranty claim experience,
assumptions are made on the type and extent of future warranty claims,
including non-contractual warranty claims as well as on possible recall
campaigns. These assessments are based on the frequency and extent
of vehicle faults and defects in the past. In addition, the estimates include
assumptions on the potential repair costs per vehicle and the effects of
possible time or mileage limits. The provisions are regularly adjusted to
reflect new information.
Restructuring provisions are recognised only when the Group has a
constructive obligation, which is when:
\u2013 there is a detailed formal plan that identifies the business or part of the
business concerned, the location and number of employees affected,
the detailed estimate of the associated costs, and the timeline; and
\u2013 the employees affected have been notified of the plan\u2019s main features.
Income taxes
Tax on the profit or loss for the period represents the sum of the tax currently
payable and deferred tax. Tax is recognised in the Consolidated Income
Statement except to the extent that it relates to items recognised directly in
equity or Other Comprehensive Income whereby the tax treatment follows
that of the underlying item.
Current tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the taxation authorities, based on tax rates and
laws that are enacted or substantively enacted by the reporting date.
The Group is subject to corporate taxes in a number of different jurisdictions
and judgement is required in determining the appropriate provision for
transactions where the ultimate tax determination is uncertain. In such
circumstances, the Group recognises liabilities for anticipated taxes based on
the best information available and where the anticipated liability is both
probable and can be estimated. Any interest and penalties accrued, if
applicable, are included in income taxes in both the Consolidated Income
Statement and the Consolidated Statement of Financial Position. Where the
final outcome of such matters differs from the amount recorded, any
differences may impact the income tax and deferred tax provisions in the
period in which the final determination is made.
Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, with the following exceptions: \u2013 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. \u2013 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2013 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. The Group applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends and distributions relating to equity instruments are debited direct to equity. Adjusting items An adjusting item is disclosed separately in the Consolidated Statement of Comprehensive Income where the quantum, nature or volatility of such items would otherwise distort the underlying trading performance of the Group, including where they are not expected to repeat in future periods. The tax effect is also included. The Directors exercise judgement in determining the items which are included in the alternative performance measures where an IFRS measurement is adjusted in a manner which the Directors believe provide additional insight into the performance of the Group. Additional detail on how the alternative performance measures are calculated and benefit the users of the accounts is set out in note 34. Details in respect of adjusting items recognised in the current and prior year are set out in note 5. Critical accounting assumptions and key sources of estimation uncertainty Estimates The preparation of Financial Statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates . 2 ACCOUNTING POLICIES CONTINUED Critical accounting assumptions and key sources of estimation uncertainty continued In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2013 impairment of finite life intangible assets; and \u2013 the recognition of deferred tax assets Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and base future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets, the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities. New accounting standards
In the process of applying the Group\u2019s accounting policies, which are
described in this note, management have made estimates. Other than
as set out below, variations in the remaining estimates are not considered to
give rise to a significant risk of a material adjustment to the carrying amounts
of assets and liabilities within the next financial year. The Group considers
it appropriate to identify the nature of the estimates used in preparing
the Group Financial Statements and the main sources of estimation
uncertainty are:
\u2013 impairment of finite life intangible assets; and
\u2013 the recognition of deferred tax assets
Impairment of finite life intangible assets
For intangible assets that have a finite life, the recoverable amount
is estimated when there is an indication that the asset is impaired.
The result of the calculation of the value-in-use is sensitive to the
assumptions made and is a subjective estimate (note 13).
Recognition of deferred tax assets
Deferred tax assets are first recognised against deferred tax liabilities relating
to the same taxation authority and the same taxable company which are
expected to reverse in the same period.
Net deferred tax assets remaining are then only recognised to the extent that
it is probable that sufficient future taxable profits will be available against
which the deductible temporary difference or unused tax losses or credits
can be recovered or utilised. The Group reviews the same underlying
assumptions and base future forecasts used for impairment testing, going
concern and viability assessments to evaluate the level of estimated future
taxable profits and the associated level of net deferred tax assets which are
supportable for recognition at the reporting date.
In considering recoverability of the deferred tax assets, the Group relies upon
future forecasts, which inherently increases the level of significant estimation
uncertainty in the later periods. Note 9 provides information on the
inherent sensitivities.
New accounting standards
The following standards, amendments and interpretations were applicable
for the period beginning 1 January 2024 and were adopted by the Group for
year to 31 December 2024. They have not had a significant impact on the
Group\u2019s result for the year, equity or disclosures:
\u2013 Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants \u2013 Amendments to IAS 1.
\u2013 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16.
\u2013 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7.
The following amendment to an existing standard has been published and
will be applicable for the Group\u2019s accounting periods beginning 1 January
2025 onwards.
\u2013 Lack of exchangeability \u2013 Amendments to IAS 21
The Group has not early adopted this amendment, and it is not expected to
have a material impact on the Group\u2019s Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-727": { "value": "2 ACCOUNTING POLICIES Basis of consolidation The Consolidated Financial Statements consist of the Financial Statements of the Group and all entities controlled by the Group. All intercompany balances and transactions, including unrealised profits arising, are eliminated. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date that control ceases. The financial statements of subsidiaries used in the preparation of the Consolidated Financial Statements are prepared for the same reporting year as the Group and are based on consistent accounting policies. Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency of the operation by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the Consolidated Income Statement except for the translational differences on monetary items that form part of designated hedge relationships. The assets and liabilities of foreign operations are translated into sterling at the rate of exchange ruling at the reporting date. Income and expenses are translated at average exchange rates for the period. The resulting exchange differences are taken through Other Comprehensive Income to the translation reserve. On disposal of a foreign entity, the deferred cumulative amount recognised in the translation reserve relating to the foreign operation is recognised in the Consolidated Income Statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Revenue recognition Revenue is recognised when the Group satisfies its performance obligation to supply a product or service to the customer. Revenue is measured at the fair value of the consideration receivable, deducting dealer incentives, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. Sale of vehicles Revenue from the sale of vehicles is recognised when control of the vehicle is passed to the dealer or individual, thus evidencing the satisfaction of the associated performance obligation under that contract. Control is passed when the buyer can direct the use of and obtain substantially all of the benefits of the vehicle which is typically at the point of despatch. When despatch is deferred at the formal request of the buyer and a written request to hold the vehicle until a specified delivery date has been received, revenue is recognised when the vehicle is ready for despatch and the Group can no longer use or direct the vehicle to an alternative buyer. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised when control of the vehicle is passed to an individual customer outside of the group. The Group estimates the consideration to which it will be entitled in exchange for satisfaction of the performance obligation as part of the sale of a vehicle. Revenue is recognised at the wholesale selling price net of dealer incentives (variable marketing expense or \u201cVME\u201d). VME is estimated and accrued for at the time of the wholesale sale to the dealer where no other obligations exist. For those elements of VME connected with retail sales by the dealer where there is also a contractual requirement for the dealer to make additional wholesale purchases at that time to receive the incentive, the incentive is accrued at the time of the retail sale by the dealer to the end customer. Warranties are issued on new vehicles sold with no separate purchase option available to the customer and, on this basis, are accounted for in accordance with IAS 37. Service packages sold as part of the supply of a vehicle are accounted for as a separate performance obligation with the revenue deferred, based on the term of the package, at the original point of sale. The deferred revenue is released to the Consolidated Income Statement over the shorter of the period that the service package covers or the number of vehicle services that the end user is entitled to. The Group sells vehicles which feature certain telematics services allowing connectivity between a vehicle and an end user\u2019s technology device. Payment for the initial usage period of such features is typically received as part of the overall vehicle price. The Group recognises a contract liability reflecting an appropriate allocation of the vehicle sales price for the initial usage period. To the extent that the Group sells the service separately in the same market, the allocation is the observable price at which the Group sells the service separately. For all other services, the Group estimates the standalone selling price using a cost-plus-margin approach. Revenue is recognised on a straight-line basis over the term of the service which commences at the point of the vehicle being retailed to an end customer. Where a sale of a vehicle includes other performance obligations, the Group determines the allocation of the total transaction price by reference to their relative standalone selling prices where possible. Sales of parts Revenue from the sale of parts is recognised upon transfer of control to the customer, generally when the parts are released to the carrier responsible for transporting them. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised upon despatch to a customer outside of the Group. Servicing and restoration of vehicles Revenue is recognised upon completion of the service /restoration typically when the service or restoration is completed in accordance with the customers\u2019 requirements. Brands and motorsport Revenue from brands and motorsport is recognised when the performance obligations, principally use of the Aston Martin brand name or supply of a motorsport vehicle, are satisfied. Revenue is recognised either at a point in time or over a period of time in line with IFRS 15 and according to the terms of the contract. Customer advance payments The Group receives advance cash payments from customers to secure their allocation of a vehicle produced in limited quantities, typically with a lead time of greater than 12 months. The value of the advance, both contractually refundable or non-refundable, is held as a contract liability in the Consolidated Statement of Financial Position. Upon satisfaction of the performance obligation, the liability is released to revenue in the Consolidated Income Statement. If the deposit is returned to the customer prior to satisfaction of the performance obligation, the contract liability is derecognised. Where a significant financing component exists, the contract liability is increased over the same period of time as the contract liability is held to account for the time value of money. A corresponding charge is recognised in the Consolidated Income Statement within finance expenses. Upon satisfaction of the linked performance obligation, the liability is released to revenue. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. Finance income Finance income comprises interest receivable on invested funds calculated using the effective interest rate method, interest income and net currency gains arising on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, gains and losses on financial instruments that are recognised at fair value through the Consolidated Income Statement and net foreign exchange losses on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Interest incurred on lease liabilities accounted for under IFRS 16, interest charged in relation to significant financing components on customer advance payments, and the unwind of discounting on long term liabilities are all recognised within finance expense. Current/non-current classification Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or consumption as part of the Group\u2019s normal identifiable operating cycle which is assumed to be 12 months. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes in line with the Group\u2019s identifiable normal operating cycle. These liabilities are expected to be settled as part of the Group\u2019s normal course of business. All other liabilities are classified as non-current liabilities. Customer deposits and advances are typically presented as current, although, due to the timing between deposit payment and a sale completing, can take longer than 12 months to unwind. Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Consolidated Income Statement. Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year end date after the acquisition, to allow the maximum time to elapse for management to make a reliable estimate. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Consolidated Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Consolidated Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2013 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2013 Technical and financial resources are available for the project. \u2013 An intention to complete the project has been confirmed. \u2013 The correlation between development costs and future revenues has been established. Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer-commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. The existing Dealer Network asset arose as part of a business combination. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows:
Years
Purchased intellectual property
5
Development costs
1 to 10
Technology
10
Software and other
3 to 10
Dealer network
20
The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of special vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Consolidated Income Statement at the point of sale for each vehicle. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid, and the fair value of any other consideration given, to acquire the asset, including directly attributable costs to make the asset capable of operation. Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis to its residual value over its expected useful life as follows:
Years
Freehold buildings
30
Plant and machinery
5 to 30
Fixtures and fittings
3 to 12
Tooling
1 to 15
Motor vehicles
3 to 5
Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Consolidated Income Statement in the period of derecognition. Investments in equity instruments Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 \u2018Financial Instruments: Presentation\u2019 and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Government grants Government grants are recognised in the Consolidated Income Statement, either on a systematic basis when the Group recognises the related costs that the grants are intended to compensate for, or immediately if the costs have already been incurred. Government grants related to assets are deducted from the cost of the asset and amortised over the useful life of the asset. Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant conditions and the grant will be received. Research and development tax relief in the form of the Research and Development Expenditure Credit (\u201cRDEC\u201d) is recognised in the Consolidated Income Statement over the periods in which the qualifying expenditure giving rise to the RDEC claim is recognised, as the Group\u2019s assessment of the conditions of receipt of the RDEC concludes that it meets the definition of a Government grant. Certain expenses within the scope of RDEC are capitalised as part of the Group\u2019s development costs. Where this is the case, the Group defers the income associated with the claim to deferred income and releases it to the Consolidated Income Statement in line with the amortisation profile of the associated asset. Claims are submitted annually based on the qualifying expenditure for a given accounting period. The cash benefit from the claim is received in the year of the claim and presented in operating cash flows. If the subsidiary submitting the claim is loss-making, the RDEC claim is restricted by an amount equal to the current rate of UK corporation tax. The restricted amount can be applied in discharging any liability of the subsidiary to pay corporation tax in any subsequent tax period and has been accounted for as an unused tax credit in accordance with IAS 12 and is included within deferred tax assets. Movements in government grants are presented within operating cashflows. Carbon credits The production and import of vehicles into certain jurisdictions can trigger a requirement to eliminate negative carbon credits, which gives rise to a liability. From time to time, the Group enters into contracts to purchase positive credits to offset the liability. The annual liability is currently immaterial to the Group. Right-of-use assets and lease liabilities \u2013 IFRS 16 Leases under which the Group acts as lessee The Group is a party to lease contracts for properties, plant and machinery and IT equipment. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Moreover, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, an estimate of the Group\u2019s incremental borrowing rate at that point in time. The Group estimates the incremental borrowing rate by taking a credit risk adjusted risk-free rate in addition to making other specific adjustments to account for certain characteristics in the lease such as geography, type of asset and security pledged. Lease payments included in the measurement of the lease liability comprise either fixed lease payments or lease payments subject to periodic fixed increases. The lease liability is measured at amortised cost using the effective interest rate method. Lease payments are allocated between principal and interest cost with the interest costs charged to the Consolidated Income Statement over the lease period. The liability is remeasured when there is an increase/decrease in future lease payments arising from a change in an index or rate specified Short-term leases and leases of low-value assets The Group does not recognise right of-use-assets and lease liabilities for short-term leases that have a lease term of fewer than 12 months and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis in the Consolidated Income Statement over the lease term. Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Consolidated Income Statement. For goodwill, brands and other intangible assets that have an indefinite life, the recoverable amount is estimated annually or more frequently when there is an indication that the asset is impaired. For intangible assets, property, plant and equipment, and right-of-use lease assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the Consolidated Income Statement as income immediately. Inventories Inventories are stated at the lower of cost and net realisable value. For service and restoration projects, net realisable value is the price at which the project can be invoiced in the normal course of business after allowing for the costs of completion. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: \u2013 Raw materials, service parts and spare parts \u2013 purchase cost on a first-in, first-out basis. \u2013 Work in progress and finished vehicles \u2013 cost of direct materials and labour plus attributable overheads based on a normalised level of activity, excluding borrowing costs. Provisions are made, on a specific basis, for obsolete, slow-moving and defective stocks and if the cost of the service or restoration project cannot be fully recovered. Inventories held under financing arrangements are recognised when control is transferred to the Group. Cash and cash equivalents Cash and cash equivalent in the Statement of Financial Position comprise: \u2013 cash, being cash at banks and in hand as well as demand deposits. \u2013 cash equivalents, being short-term deposits with an original maturity of three months or less, subject to insignificant changes in value, which are readily convertible to known amounts and held to meet short- term commitments. Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments, including equity options, are held at fair value. All other financial instruments are held at amortised cost. Trade and other receivables Trade and other receivables are carried at the lower of their original invoiced value and recoverable amount. A trade receivable loss allowance is measured at an amount equal to the lifetime expected credit loss at initial recognition and throughout the life of the receivable. Receivables are not discounted, as the time value of money is not considered to be material. Trade and other payables Trade and other payables are recognised and carried at their original invoiced value. Trade payables are not discounted to consider the time value of money as the impact is immaterial. Refundable and non-refundable customer deposits are held as contract liabilities within current trade and other payables. Inventory sale and repurchase arrangements, which are in substance financing transactions, are included in other payables. The difference between the sale and repurchase value is accounted for as part of the effective interest calculation. The effective interest is charged to the Consolidated Income Statement over the period from sale to repayment. Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2013 There is an economic relationship between the hedged item and the hedging instrument. \u2013 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2013 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Consolidated Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Consolidated Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Consolidated Income Statement as a finance expense over the period of the borrowings on an effective interest basis. Pensions The Group operates a Defined Contribution pension plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to Defined Contribution pension plans are recognised as an expense in the Consolidated Income Statement in the periods during which services are rendered by employees. The Group operates a Defined Benefit pension plan, which is contracted out of the state scheme. The Group\u2019s net obligation in respect of Defined Benefit plans is calculated for the plan by estimating the amount of the future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of Defined Benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. When the calculation results in a deficit for the Group, the recognised liability is adjusted for the discounted value of future deficit reduction contributions in excess of the calculated deficit. Remeasurements of the net Defined Benefit asset or liability, which comprise actuarial gains and losses, the interest on plan assets, and the effect of the asset ceiling or minimum funding requirements, are recognised immediately in Other Comprehensive Income. The Group determines the net interest expense (income) on the net Defined Benefit asset or liability, considering any changes in the net defined asset or liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to Defined Benefit plans are recognised in the Consolidated Income Statement. When the benefits of the plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service cost or the gain or loss on curtailment is recognised immediately in the Consolidated Income Statement. The Group recognises gains and losses on the settlement of a Defined Benefit plan when the settlement occurs. Share-based payment transactions The fair value of equity-classified share-based awards with both market and non-market-based performance conditions is recognised as an expense within administrative and other expenses in the Consolidated Income Statement, with a corresponding increase in equity over the period that the employees become unconditionally entitled to the shares. The amount recognised as an expense is adjusted to reflect both non- market-based conditions, such as continued employment and profit-related metrics, in addition to market-based conditions driven by an estimation of the quantum of awards expected to vest at the date of grant Where the Group obtains goods or services in exchange for the issuance of shares, these are accounted for as equity-settled share-based payments in accordance with IFRS 2. Where the fair value of the goods or services can be estimated reliably, these are recorded at fair value with a corresponding increase in equity. In the instance of a scheme modification, the number of shares comprised in an award is adjusted to reflect equity changes in the Group and will therefore not impact underlying charges. Provisions The Group provides product warranties on all new vehicle sales. Warranty provisions are recognised when vehicles are sold or when new warranty programmes are initiated. Based on historical warranty claim experience, assumptions are made on the type and extent of future warranty claims, including non-contractual warranty claims as well as on possible recall campaigns. These assessments are based on the frequency and extent of vehicle faults and defects in the past. In addition, the estimates include assumptions on the potential repair costs per vehicle and the effects of possible time or mileage limits. The provisions are regularly adjusted to reflect new information. Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: \u2013 there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and \u2013 the employees affected have been notified of the plan\u2019s main features. Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, with the following exceptions: \u2013 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. \u2013 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2013 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. The Group applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends and distributions relating to equity instruments are debited direct to equity. Adjusting items An adjusting item is disclosed separately in the Consolidated Statement of Comprehensive Income where the quantum, nature or volatility of such items would otherwise distort the underlying trading performance of the Group, including where they are not expected to repeat in future periods. The tax effect is also included. The Directors exercise judgement in determining the items which are included in the alternative performance measures where an IFRS measurement is adjusted in a manner which the Directors believe provide additional insight into the performance of the Group. Additional detail on how the alternative performance measures are calculated and benefit the users of the accounts is set out in note 34. Details in respect of adjusting items recognised in the current and prior year are set out in note 5. Critical accounting assumptions and key sources of estimation uncertainty Estimates The preparation of Financial Statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates Critical accounting assumptions and key sources of estimation uncertainty continued In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2013 impairment of finite life intangible assets; and \u2013 the recognition of deferred tax assets Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and base future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets, the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities. New accounting standards The following standards, amendments and interpretations were applicable for the period beginning 1 January 2024 and were adopted by the Group for year to 31 December 2024. They have not had a significant impact on the Group\u2019s result for the year, equity or disclosures: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1. \u2013 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16. \u2013 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. The following amendment to an existing standard has been published and will be applicable for the Group\u2019s accounting periods beginning 1 January 2025 onwards. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21 The Group has not early adopted this amendment, and it is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "value": "Basis of consolidation The Consolidated Financial Statements consist of the Financial Statements of the Group and all entities controlled by the Group. All intercompany balances and transactions, including unrealised profits arising, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date
that control ceases. The financial statements of subsidiaries used in the
preparation of the Consolidated Financial Statements are prepared for
the same reporting year as the Group and are based on consistent
accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "value": "
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional
currency of the operation by applying the exchange rate ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the rate of exchange ruling at the reporting
date. All differences are taken to the Consolidated Income Statement except
for the translational differences on monetary items that form part of
designated hedge relationships.
The assets and liabilities of foreign operations are translated into sterling at
the rate of exchange ruling at the reporting date. Income and expenses are
translated at average exchange rates for the period. The resulting exchange
differences are taken through Other Comprehensive Income to the
translation reserve. On disposal of a foreign entity, the deferred cumulative
amount recognised in the translation reserve relating to the foreign
operation is recognised in the Consolidated Income Statement.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair
value was determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "value": "Revenue recognition Revenue is recognised when the Group satisfies its performance obligation to supply a product or service to the customer. Revenue is measured at the fair value of the consideration receivable, deducting dealer incentives, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised. Sale of vehicles Revenue from the sale of vehicles is recognised when control of the vehicle is passed to the dealer or individual, thus evidencing the satisfaction of the associated performance obligation under that contract. Control is passed when the buyer can direct the use of and obtain substantially all of the benefits of the vehicle which is typically at the point of despatch. When despatch is deferred at the formal request of the buyer and a written request to hold the vehicle until a specified delivery date has been received, revenue is recognised when the vehicle is ready for despatch and the Group can no longer use or direct the vehicle to an alternative buyer. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised when control of the vehicle is passed to an individual customer outside of the group. The Group estimates the consideration to which it will be entitled in exchange for satisfaction of the performance obligation as part of the sale of a vehicle. Revenue is recognised at the wholesale selling price net of dealer incentives (variable marketing expense or \u201cVME\u201d). VME is estimated and accrued for at the time of the wholesale sale to the dealer where no other obligations exist. For those elements of VME connected with retail sales by the dealer where there is also a contractual requirement for the dealer to make additional wholesale purchases at that time to receive the incentive, the incentive is accrued at the time of the retail sale by the dealer to the end customer. Warranties are issued on new vehicles sold with no separate purchase option available to the customer and, on this basis, are accounted for in accordance with IAS 37. Service packages sold as part of the supply of a vehicle are accounted for as a separate performance obligation with the revenue deferred, based on the term of the package, at the original point of sale. The deferred revenue is released to the Consolidated Income Statement over the shorter of the period that the service package covers or the number of vehicle services that the end user is entitled to. The Group sells vehicles which feature certain telematics services allowing connectivity between a vehicle and an end user\u2019s technology device. Payment for the initial usage period of such features is typically received as part of the overall vehicle price. The Group recognises a contract liability reflecting an appropriate allocation of the vehicle sales price for the initial usage period. To the extent that the Group sells the service separately in the same market, the allocation is the observable price at which the Group sells the service separately. For all other services, the Group estimates the standalone selling price using a cost-plus-margin approach. Revenue is recognised on a straight-line basis over the term of the service which commences at the point of the vehicle being retailed to an end customer. Where a sale of a vehicle includes other performance obligations, the Group determines the allocation of the total transaction price by reference to their relative standalone selling prices where possible. Sales of parts Revenue from the sale of parts is recognised upon transfer of control to the customer, generally when the parts are released to the carrier responsible for transporting them. Where the dealer is Aston Martin Works Limited, an indirect subsidiary of the Company, revenue is recognised upon despatch to a customer outside of the Group. Servicing and restoration of vehicles Revenue is recognised upon completion of the service /restoration typically when the service or restoration is completed in accordance with the customers\u2019 requirements. Brands and motorsport Revenue from brands and motorsport is recognised when the performance obligations, principally use of the Aston Martin brand name or supply of a motorsport vehicle, are satisfied. Revenue is recognised either at a point in time or over a period of time in line with IFRS 15 and according to the terms of the contract. Customer advance payments The Group receives advance cash payments from customers to secure their allocation of a vehicle produced in limited quantities, typically with a lead time of greater than 12 months. The value of the advance, both contractually refundable or non-refundable, is held as a contract liability in the Consolidated Statement of Financial Position. Upon satisfaction of the performance obligation, the liability is released to revenue in the Consolidated Income Statement. If the deposit is returned to the customer prior to satisfaction of the performance obligation, the contract liability is derecognised. Where a significant financing component exists, the contract liability is increased over the same period of time as the contract liability is held to account for the time value of money. A corresponding charge is recognised in the Consolidated Income Statement within finance expenses. Upon satisfaction of the linked performance obligation, the liability is released to revenue. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-705": { "value": "Finance income Finance income comprises interest receivable on invested funds calculated using the effective interest rate method, interest income and net currency gains arising on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, gains and losses on financial instruments that are recognised at fair value through the Consolidated Income Statement and net foreign exchange losses on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Interest incurred on lease liabilities accounted for under IFRS 16, interest charged in relation to significant financing components on customer advance payments, and the unwind of discounting on long term liabilities are all recognised within finance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "value": "Finance income Finance income comprises interest receivable on invested funds calculated using the effective interest rate method, interest income and net currency gains arising on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, gains and losses on financial instruments that are recognised at fair value through the Consolidated Income Statement and net foreign exchange losses on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Interest incurred on lease liabilities accounted for under IFRS 16, interest charged in relation to significant financing components on customer advance payments, and the unwind of discounting on long term liabilities are all recognised within finance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-674": { "value": "Finance expense Finance expense comprises interest payable on borrowings calculated using the effective interest rate method, interest expense on the net Defined Benefit pension liability, gains and losses on financial instruments that are recognised at fair value through the Consolidated Income Statement and net foreign exchange losses on foreign currency denominated borrowings (not designated under a hedge relationship) that are recognised in the Consolidated Income Statement. Interest incurred on lease liabilities accounted for under IFRS 16, interest charged in relation to significant financing components on customer advance payments, and the unwind of discounting on long term liabilities are all recognised within finance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-706": { "value": "Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-675": { "value": "Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-622": { "value": "Goodwill For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2013 the fair value of the consideration transferred; plus \u2013 the recognised amount of any non-controlling interests in the acquiree; plus \u2013 the fair value of the existing equity interest in the acquiree; less \u2013 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. For the purpose of impairment testing, goodwill is allocated to the related cash-generating unit. The only cash-generating unit of the Group is that of Aston Martin Lagonda Group as there are no smaller groups of assets that can be identified with certainty which generate specific cash flows independent of the inflows generated by other assets or groups of assets. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the Consolidated Income Statement. Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year end date after the acquisition, to allow the maximum time to elapse for management to make a reliable estimate. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Consolidated Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Consolidated Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2013 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2013 Technical and financial resources are available for the project. \u2013 An intention to complete the project has been confirmed. \u2013 The correlation between development costs and future revenues has been established. Technology Patented and unpatented technology acquired in business combinations is valued using the cost approach. The obsolete element is determined by reference to the proportion of the product lifecycle that had expired at the acquisition date. Technology acquired from third parties is measured at the acquisition date fair value using the cost approach. Dealer network Save for certain direct sales of some special edition and buyer-commissioned vehicles, the Group sells its vehicles exclusively through a network of dealers. All dealers in the dealer network are independent dealers with the exception of Aston Martin Works Limited. To the extent that the Group benefits from the network, the dealer network has been valued based on costs incurred by the Group. The existing Dealer Network asset arose as part of a business combination. Amortisation Following initial recognition, the historical cost model is applied, with intangible assets being carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation of these capitalised costs begins when the asset is available for use. Intangible assets with a finite life have no residual value and are amortised on a straight-line basis over their expected useful lives as follows:
Years
Purchased intellectual property
5
Development costs
1 to 10
Technology
10
Software and other
3 to 10
Dealer network
20
The useful lives and residual values of capitalised development costs are determined at the time of capitalisation and are reviewed annually for appropriateness and recoverability. Amortisation of special vehicle development costs are spread evenly across the limited quantity of vehicles produced and charged to the Consolidated Income Statement at the point of sale for each vehicle.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-676": { "value": "Intangible assets Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised outside of goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Fair value adjustments are considered to be provisional at the first year end date after the acquisition, to allow the maximum time to elapse for management to make a reliable estimate. Purchased intellectual property Purchased intellectual property that is not integral to an item of property, plant and equipment is recognised separately as an intangible asset stated at cost less accumulated depreciation. Brands An acquired brand is only recognised in the Consolidated Statement of Financial Position as an intangible asset where it is supported by a registered trademark, is established in the marketplace, the brand could be sold separately from the rest of the business and where the brand achieves earnings in excess of those achieved by unbranded products. The value of an acquired brand is determined by allocating the purchase price consideration of an acquired business between goodwill and the underlying fair values of the tangible assets, brands and other intangible assets acquired, using an income approach following the multi-period excess earnings methodology. Acquired brands have an indefinite life when there is no foreseeable limit to the period over which the asset is expected to generate cash inflows. Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Consolidated Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2013 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2013 Technical and financial resources are available for the project. \u2013 An intention to complete the project has been confirmed. \u2013 The correlation between development costs and future revenues has been established.
Technology
Patented and unpatented technology acquired in business combinations is
valued using the cost approach. The obsolete element is determined by
reference to the proportion of the product lifecycle that had expired at the
acquisition date. Technology acquired from third parties is measured at the
acquisition date fair value using the cost approach.
Dealer network
Save for certain direct sales of some special edition and buyer-commissioned
vehicles, the Group sells its vehicles exclusively through a network of dealers.
All dealers in the dealer network are independent dealers with the exception
of Aston Martin Works Limited. To the extent that the Group benefits
from the network, the dealer network has been valued based on costs
incurred by the Group. The existing Dealer Network asset arose as part of a
business combination.
Amortisation
Following initial recognition, the historical cost model is applied, with
intangible assets being carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation of these capitalised costs
begins when the asset is available for use. Intangible assets with a finite life
have no residual value and are amortised on a straight-line basis over their
expected useful lives as follows:
Years
Purchased intellectual property
5
Development costs
1 to 10
Technology
10
Software and other
3 to 10
Dealer network
20
The useful lives and residual values of capitalised development costs are
determined at the time of capitalisation and are reviewed annually for
appropriateness and recoverability.
Amortisation of special vehicle development costs are spread evenly across
the limited quantity of vehicles produced and charged to the Consolidated
Income Statement at the point of sale for each vehicle.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-707": { "value": "Development costs Expenditure on internally developed intangible assets, excluding development costs, is taken to the Consolidated Income Statement in the year in which it is incurred. Clearly defined and identifiable development costs are capitalised under IAS 38 \u2018Intangible Assets\u2019 after the following criteria have been met: \u2013 The project\u2019s technical feasibility and commercial viability, based on an estimate of future cash flows, can be demonstrated when the project has reached a defined milestone according to the Group's established product development model. \u2013 Technical and financial resources are available for the project. \u2013 An intention to complete the project has been confirmed. \u2013 The correlation between development costs and future revenues has been established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated
depreciation and accumulated impairment losses. Cost comprises the
aggregate amount paid, and the fair value of any other consideration given,
to acquire the asset, including directly attributable costs to make the asset
capable of operation.
Depreciation is provided on all property, plant and equipment, other than
land, on a straight-line basis to its residual value over its expected useful life
as follows:
Years
Freehold buildings
30
Plant and machinery
5 to 30
Fixtures and fittings
3 to 12
Tooling
1 to 15
Motor vehicles
3 to 5
Tooling is depreciated over the life of the project. Assets in the course
of construction are included in their respective category but are not
depreciated until available for use. The carrying values of property, plant
and equipment are reviewed for impairment if events or changes in
circumstances indicate the carrying value may not be recoverable and are
written down immediately to their recoverable amount. Useful lives and
residual values are reviewed annually and where adjustments are required
these are made prospectively.
An item of property, plant and equipment is derecognised upon disposal.
Any gain or loss arising on the derecognition of the asset is included in the
Consolidated Income Statement in the period of derecognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-677": { "value": "Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis to its residual value over its expected useful life as follows:
Years
Freehold buildings
30
Plant and machinery
5 to 30
Fixtures and fittings
3 to 12
Tooling
1 to 15
Motor vehicles
3 to 5
Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-749": { "value": "Tooling is depreciated over the life of the project. Assets in the course of construction are included in their respective category but are not depreciated until available for use. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on the derecognition of the asset is included in the Consolidated Income Statement in the period of derecognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "value": "
Investments in equity instruments
Upon initial recognition, the Group can elect to classify irrevocably its equity
investments as equity instruments designated at fair value through OCI when
they meet the definition of equity under IAS 32 \u2018Financial Instruments:
Presentation\u2019 and are not held for trading. The classification is determined on
an instrument-by-instrument basis. Gains and losses on these financial assets
are never recycled to profit or loss. Dividends are recognised as other income
in the statement of profit or loss when the right of payment has been
established, except when the Group benefits from such proceeds as a
recovery of part of the cost of the financial asset, in which case, such gains
are recorded in OCI. Equity instruments designated at fair value through OCI
are not subject to impairment assessment. The Group elected to classify
irrevocably its non-listed equity investments under this category.
", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DescriptionOfAccountingPolicyForInvestmentsInEquityInstruments", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-625": { "value": "
Government grants
Government grants are recognised in the Consolidated Income Statement,
either on a systematic basis when the Group recognises the related costs that
the grants are intended to compensate for, or immediately if the costs have
already been incurred.
Government grants related to assets are deducted from the cost of the asset
and amortised over the useful life of the asset. Government grants are
recognised when there is reasonable assurance that the Group will comply
with the relevant conditions and the grant will be received.
Research and development tax relief in the form of the Research and
Development Expenditure Credit (\u201cRDEC\u201d) is recognised in the Consolidated
Income Statement over the periods in which the qualifying expenditure
giving rise to the RDEC claim is recognised, as the Group\u2019s assessment of the
conditions of receipt of the RDEC concludes that it meets the definition of a
Government grant. Certain expenses within the scope of RDEC are
capitalised as part of the Group\u2019s development costs. Where this is the case,
the Group defers the income associated with the claim to deferred income
and releases it to the Consolidated Income Statement in line with the
amortisation profile of the associated asset. Claims are submitted annually
based on the qualifying expenditure for a given accounting period. The cash
benefit from the claim is received in the year of the claim and presented in
operating cash flows.
If the subsidiary submitting the claim is loss-making, the RDEC claim is restricted by an amount equal to the current rate of UK corporation tax. The restricted amount can be applied in discharging any liability of the subsidiary to pay corporation tax in any subsequent tax period and has been accounted for as an unused tax credit in accordance with IAS 12 and is included within deferred tax assets. Movements in government grants are presented within operating cashflows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-626": { "value": "Carbon credits The production and import of vehicles into certain jurisdictions can trigger a requirement to eliminate negative carbon credits, which gives rise to a liability. From time to time, the Group enters into contracts to purchase positive credits to offset the liability. The annual liability is currently immaterial to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-627": { "value": "Right-of-use assets and lease liabilities \u2013 IFRS 16 Leases under which the Group acts as lessee The Group is a party to lease contracts for properties, plant and machinery and IT equipment. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Moreover, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, an estimate of the Group\u2019s incremental borrowing rate at that point in time. The Group estimates the incremental borrowing rate by taking a credit risk adjusted risk-free rate in addition to making other specific adjustments to account for certain characteristics in the lease such as geography, type of asset and security pledged. Lease payments included in the measurement of the lease liability comprise either fixed lease payments or lease payments subject to periodic fixed increases. The lease liability is measured at amortised cost using the effective interest rate method. Lease payments are allocated between principal and interest cost with the interest costs charged to the Consolidated Income Statement over the lease period. The liability is remeasured when there is an increase/decrease in future lease payments arising from a change in an index or rate specified . Short-term leases and leases of low-value assets The Group does not recognise right of-use-assets and lease liabilities for short-term leases that have a lease term of fewer than 12 months and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis in the Consolidated Income Statement over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-678": { "value": "Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Consolidated Income Statement. For goodwill, brands and other intangible assets that have an indefinite life, the recoverable amount is estimated annually or more frequently when there is an indication that the asset is impaired. For intangible assets, property, plant and equipment, and right-of-use lease assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the Consolidated Income Statement as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-628": { "value": "Impairment of assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset, or cash-generating unit\u2019s, fair value less costs to sell and its value-in-use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations are recognised in the Consolidated Income Statement. For goodwill, brands and other intangible assets that have an indefinite life, the recoverable amount is estimated annually or more frequently when there is an indication that the asset is impaired. For intangible assets, property, plant and equipment, and right-of-use lease assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised in the Consolidated Income Statement as income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-629": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. For service and restoration projects, net realisable value is the price at which the project can be invoiced in the normal course of business after allowing for the costs of completion. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: \u2013 Raw materials, service parts and spare parts \u2013 purchase cost on a first-in, first-out basis. \u2013 Work in progress and finished vehicles \u2013 cost of direct materials and labour plus attributable overheads based on a normalised level of activity, excluding borrowing costs. Provisions are made, on a specific basis, for obsolete, slow-moving and defective stocks and if the cost of the service or restoration project cannot be fully recovered. Inventories held under financing arrangements are recognised when control is transferred to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-630": { "value": "Cash and cash equivalents Cash and cash equivalent in the Statement of Financial Position comprise: \u2013 cash, being cash at banks and in hand as well as demand deposits. \u2013 cash equivalents, being short-term deposits with an original maturity of three months or less, subject to insignificant changes in value, which are readily convertible to known amounts and held to meet short- term commitments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-708": { "value": "Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2013 There is an economic relationship between the hedged item and the hedging instrument. \u2013 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2013 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Consolidated Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Consolidated Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-679": { "value": "Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-631": { "value": "Derivative financial instruments Derivative financial assets and liabilities are recognised in the Statement of Financial Position at fair value when the Group becomes a party to the contractual provisions of the instrument. The Group uses derivative instruments to manage its exposure to foreign exchange risk arising from operating activities. Movements in the fair value of foreign exchange derivatives not qualifying for hedge accounting are recognised in finance income or expense. The accounting policy on derivatives that are designated as hedging instruments in hedging relationships is detailed in the hedge accounting policies. A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments, including equity options, are held at fair value. All other financial instruments are held at amortised cost. Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2013 There is an economic relationship between the hedged item and the hedging instrument. \u2013 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2013 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Consolidated Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Consolidated Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Consolidated Income Statement as a finance expense over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-709": { "value": "Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments, including equity options, are held at fair value. All other financial instruments are held at amortised cost. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Consolidated Income Statement as a finance expense over the period of the borrowings on an effective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-680": { "value": "Financial assets and liabilities Financial assets are cash or a contractual right to receive cash or another financial asset from another entity, or to exchange financial assets or liabilities with another entity under conditions that are potentially favourable to the entity. In addition, contracts that result in another entity delivering a variable number of its own equity instruments are financial assets. Derivative financial instruments, including equity options, are held at fair value. All other financial instruments are held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-632": { "value": "Trade and other receivables Trade and other receivables are carried at the lower of their original invoiced value and recoverable amount. A trade receivable loss allowance is measured at an amount equal to the lifetime expected credit loss at initial recognition and throughout the life of the receivable. Receivables are not discounted, as the time value of money is not considered to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-633": { "value": "Trade and other payables Trade and other payables are recognised and carried at their original invoiced value. Trade payables are not discounted to consider the time value of money as the impact is immaterial. Refundable and non-refundable customer deposits are held as contract liabilities within current trade and other payables. Inventory sale and repurchase arrangements, which are in substance financing transactions, are included in other payables. The difference between the sale and repurchase value is accounted for as part of the effective interest calculation. The effective interest is charged to the Consolidated Income Statement over the period from sale to repayment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-681": { "value": "Hedge accounting The Group uses derivative financial instruments in the form of forward currency contracts, and certain US dollar denominated borrowings, to hedge the foreign currency risk of sales (including inter-Group sales) of finished vehicles and external purchases of component parts. For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to variability in cash flows either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, or the foreign currency risk of an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objectives and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess hedge effectiveness. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: \u2013 There is an economic relationship between the hedged item and the hedging instrument. \u2013 The effect of credit risk does not dominate the value changes resulting from that economic relationship. \u2013 The theoretical hedge ratio of the hedging relationship is the same as practically occurs. Derivative financial instruments The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Consolidated Income Statement. The Group designates only the spot element of forward contracts as a hedging instrument. The forward element is recognised in Other Comprehensive Income and accumulated in a separate component of equity under cost of hedging reserve. Financial liability as a hedge Foreign currency differences arising on the retranslation of a financial liability designated as a cash flow hedge are recognised directly in Other Comprehensive Income to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in the Consolidated Income Statement. Subsequent accounting The amounts accumulated in both the cash flow hedge reserve and the cost of hedging reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in the hedge reserve is removed and included in the initial cost of the hedge item. For any other cash flow hedges, the amount accumulated in the hedge reserve is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flow affects profit or loss. If hedge accounting is discontinued, the amount that has been accumulated in the hedge reserve must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to the Consolidated Income Statement as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in the hedge reserve is accounted for depending on the nature of the underlying transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-741": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Consolidated Income Statement as a finance expense over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-682": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recorded and redemption value being recognised in the Consolidated Income Statement as a finance expense over the period of the borrowings on an effective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-634": { "value": "Pensions The Group operates a Defined Contribution pension plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to Defined Contribution pension plans are recognised as an expense in the Consolidated Income Statement in the periods during which services are rendered by employees. The Group operates a Defined Benefit pension plan, which is contracted out of the state scheme. The Group\u2019s net obligation in respect of Defined Benefit plans is calculated for the plan by estimating the amount of the future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of Defined Benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. When the calculation results in a deficit for the Group, the recognised liability is adjusted for the discounted value of future deficit reduction contributions in excess of the calculated deficit. Remeasurements of the net Defined Benefit asset or liability, which comprise actuarial gains and losses, the interest on plan assets, and the effect of the asset ceiling or minimum funding requirements, are recognised immediately in Other Comprehensive Income. The Group determines the net interest expense (income) on the net Defined Benefit asset or liability, considering any changes in the net defined asset or liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to Defined Benefit plans are recognised in the Consolidated Income Statement. When the benefits of the plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service cost or the gain or loss on curtailment is recognised immediately in the Consolidated Income Statement. The Group recognises gains and losses on the settlement of a Defined Benefit plan when the settlement occurs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-635": { "value": "Share-based payment transactions The fair value of equity-classified share-based awards with both market and non-market-based performance conditions is recognised as an expense within administrative and other expenses in the Consolidated Income Statement, with a corresponding increase in equity over the period that the employees become unconditionally entitled to the shares. The amount recognised as an expense is adjusted to reflect both non- market-based conditions, such as continued employment and profit-related metrics, in addition to market-based conditions driven by an estimation of the quantum of awards expected to vest at the date of grant . Where the Group obtains goods or services in exchange for the issuance of shares, these are accounted for as equity-settled share-based payments in accordance with IFRS 2. Where the fair value of the goods or services can be estimated reliably, these are recorded at fair value with a corresponding increase in equity. In the instance of a scheme modification, the number of shares comprised in an award is adjusted to reflect equity changes in the Group and will therefore not impact underlying charges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-636": { "value": "Provisions The Group provides product warranties on all new vehicle sales. Warranty provisions are recognised when vehicles are sold or when new warranty programmes are initiated. Based on historical warranty claim experience, assumptions are made on the type and extent of future warranty claims, including non-contractual warranty claims as well as on possible recall campaigns. These assessments are based on the frequency and extent of vehicle faults and defects in the past. In addition, the estimates include assumptions on the potential repair costs per vehicle and the effects of possible time or mileage limits. The provisions are regularly adjusted to reflect new information. Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: \u2013 there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and \u2013 the employees affected have been notified of the plan\u2019s main features. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-683": { "value": "Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, with the following exceptions: \u2013 Where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. \u2013 In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. \u2013 Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled. Deferred tax assets and liabilities are disclosed on a net basis where a right of offset exists. The Group applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-637": { "value": "Income taxes Tax on the profit or loss for the period represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised directly in equity or Other Comprehensive Income whereby the tax treatment follows that of the underlying item. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and can be estimated. Any interest and penalties accrued, if applicable, are included in income taxes in both the Consolidated Income Statement and the Consolidated Statement of Financial Position. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made.
Deferred tax is recognised on all temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the
Consolidated Financial Statements, with the following exceptions:
\u2013 Where the temporary difference arises from the initial recognition of
goodwill or of an asset or liability in a transaction that is not a business
combination that at the time of the transaction affects neither accounting
nor taxable profit or loss.
\u2013 In respect of taxable temporary differences associated with investments
in subsidiaries, where the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
\u2013 Deferred income tax assets are recognised only to the extent that
it is probable that taxable profit will be available against which the
deductible temporary differences, carried forward tax credits
or tax losses can be utilised.
Deferred tax assets and liabilities are measured on an undiscounted basis at
the tax rates that are expected to apply when the related asset is realised or
liability is settled. Deferred tax assets and liabilities are disclosed on a net
basis where a right of offset exists.
The Group applied the exception under IAS 12 to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two
income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-638": { "value": "
Equity instruments
An equity instrument is any contract that evidences a residual interest in the
assets of the Group after deducting all of its liabilities. Equity instruments
issued by the Group are recorded at the proceeds received, net of direct
issue costs. Dividends and distributions relating to equity instruments are
debited direct to equity.
", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DescriptionOfAccountingPolicyForEquityInstruments", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-639": { "value": "
Adjusting items
An adjusting item is disclosed separately in the Consolidated Statement of
Comprehensive Income where the quantum, nature or volatility of such items
would otherwise distort the underlying trading performance of the Group,
including where they are not expected to repeat in future periods. The tax
effect is also included.
The Directors exercise judgement in determining the items which are
included in the alternative performance measures where an IFRS
measurement is adjusted in a manner which the Directors believe provide
additional insight into the performance of the Group. Additional detail on
how the alternative performance measures are calculated and benefit the
users of the accounts is set out in note 34.
Details in respect of adjusting items recognised in the current and prior year
are set out in note 5.
", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-742": { "value": "Adjusting items An adjusting item is disclosed separately in the Consolidated Statement of Comprehensive Income where the quantum, nature or volatility of such items would otherwise distort the underlying trading performance of the Group, including where they are not expected to repeat in future periods. The tax effect is also included. The Directors exercise judgement in determining the items which are included in the alternative performance measures where an IFRS measurement is adjusted in a manner which the Directors believe provide additional insight into the performance of the Group. Additional detail on how the alternative performance measures are calculated and benefit the users of the accounts is set out in note 34. Details in respect of adjusting items recognised in the current and prior year are set out in note 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-640": { "value": "
Critical accounting assumptions and key sources of estimation uncertainty
Estimates
The preparation of Financial Statements requires management to make
estimates and assumptions that affect the amounts reported for assets and
liabilities as at the reporting date and the amounts reported for revenues and
expenses during the period. The nature of estimation means that actual
outcomes could differ from those estimates .
In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2013 impairment of finite life intangible assets; and \u2013 the recognition of deferred tax assets Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and base future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets, the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-684": { "value": "Critical accounting assumptions and key sources of estimation uncertainty Estimates The preparation of Financial Statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates . In the process of applying the Group\u2019s accounting policies, which are described in this note, management have made estimates. Other than as set out below, variations in the remaining estimates are not considered to give rise to a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group considers it appropriate to identify the nature of the estimates used in preparing the Group Financial Statements and the main sources of estimation uncertainty are: \u2013 impairment of finite life intangible assets; and \u2013 the recognition of deferred tax assets Impairment of finite life intangible assets For intangible assets that have a finite life, the recoverable amount is estimated when there is an indication that the asset is impaired. The result of the calculation of the value-in-use is sensitive to the assumptions made and is a subjective estimate (note 13). Recognition of deferred tax assets Deferred tax assets are first recognised against deferred tax liabilities relating to the same taxation authority and the same taxable company which are expected to reverse in the same period. Net deferred tax assets remaining are then only recognised to the extent that it is probable that sufficient future taxable profits will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised. The Group reviews the same underlying assumptions and base future forecasts used for impairment testing, going concern and viability assessments to evaluate the level of estimated future taxable profits and the associated level of net deferred tax assets which are supportable for recognition at the reporting date. In considering recoverability of the deferred tax assets, the Group relies upon future forecasts, which inherently increases the level of significant estimation uncertainty in the later periods. Note 9 provides information on the inherent sensitivities.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-685": { "value": "New accounting standards The following standards, amendments and interpretations were applicable for the period beginning 1 January 2024 and were adopted by the Group for year to 31 December 2024. They have not had a significant impact on the Group\u2019s result for the year, equity or disclosures: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1. \u2013 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16. \u2013 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-641": { "value": "New accounting standards The following standards, amendments and interpretations were applicable for the period beginning 1 January 2024 and were adopted by the Group for year to 31 December 2024. They have not had a significant impact on the Group\u2019s result for the year, equity or disclosures: \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1. \u2013 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16. \u2013 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7. The following amendment to an existing standard has been published and will be applicable for the Group\u2019s accounting periods beginning 1 January 2025 onwards. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21 The Group has not early adopted this amendment, and it is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-686": { "value": "The following amendment to an existing standard has been published and will be applicable for the Group\u2019s accounting periods beginning 1 January 2025 onwards. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21 The Group has not early adopted this amendment, and it is not expected to have a material impact on the Group\u2019s Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-642": { "value": "3 SEGMENTAL REPORTING Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles, including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues.
2024 2023
Revenue \u00a3m \u00a3m
Analysis by category
Sale of vehicles
1,477.9
1,531.9
Sale of parts
84.4
80.0
Servicing of vehicles
11.0
9.8
Brands and motorsport
10.6
11.1
1,583.9
1,632.8
2024 2023
Revenue \u00a3m \u00a3m
Analysis by geographical location
United Kingdom
262.1
309.9
The Americas
1
629.2
452.8
Rest of Europe, Middle East and Africa
2
434.7
547.0
Asia Pacific
3
257.9
323.1
1,583.9
1,632.8
1. Within The Americas geographical segment, material revenue of \u00a3591.0m (2023: \u00a3409.9m) is generated in the United States of America 2. Within Rest of Europe, Middle East and Africa geographical segment, material revenue of \u00a3137.7m (2023: \u00a3167.4m) is generated in Germany 3. Within Asia Pacific geographical segment, material revenue of \u00a3111.8m (2023: \u00a3134.5m) is generated in Japan Non-current assets other than financial instruments and deferred tax assets by geographical location
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
61.3
277.3
85.4
1,230.2
\u2013
1,654.2
The Americas
5.3
5.4
\u2013
188.5
3.8
203.0
Rest of Europe
1.1
68.4
\u2013
155.0
3.5
228.0
Asia Pacific
2.2
0.3
\u2013
\u2013
\u2013
2.5
69.9
351.4
85.4
1,573.7
7.3
2,087.7
1. Within Intangible assets located in Europe, \u00a3155.0m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
59.0
269.0
85.4
1,160.3
\u2013
1,573.7
The Americas
6.3
6.8
\u2013
188.5
3.3
204.9
Rest of Europe
1.7
77.6
\u2013
143.4
2.0
224.7
Asia Pacific
3.4
0.3
\u2013
\u2013
\u2013
3.7
70.4
353.7
85.4
1,492.2
5.3
2,007.0
1. Within Intangible assets located in Europe, \u00a3143.4m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-750": { "value": "3 SEGMENTAL REPORTING Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles, including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues.
2024 2023
Revenue \u00a3m \u00a3m
Analysis by category
Sale of vehicles
1,477.9
1,531.9
Sale of parts
84.4
80.0
Servicing of vehicles
11.0
9.8
Brands and motorsport
10.6
11.1
1,583.9
1,632.8
2024 2023
Revenue \u00a3m \u00a3m
Analysis by geographical location
United Kingdom
262.1
309.9
The Americas
1
629.2
452.8
Rest of Europe, Middle East and Africa
2
434.7
547.0
Asia Pacific
3
257.9
323.1
1,583.9
1,632.8
1. Within The Americas geographical segment, material revenue of \u00a3591.0m (2023: \u00a3409.9m) is generated in the United States of America 2. Within Rest of Europe, Middle East and Africa geographical segment, material revenue of \u00a3137.7m (2023: \u00a3167.4m) is generated in Germany 3. Within Asia Pacific geographical segment, material revenue of \u00a3111.8m (2023: \u00a3134.5m) is generated in Japan Non-current assets other than financial instruments and deferred tax assets by geographical location
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
61.3
277.3
85.4
1,230.2
\u2013
1,654.2
The Americas
5.3
5.4
\u2013
188.5
3.8
203.0
Rest of Europe
1.1
68.4
\u2013
155.0
3.5
228.0
Asia Pacific
2.2
0.3
\u2013
\u2013
\u2013
2.5
69.9
351.4
85.4
1,573.7
7.3
2,087.7
1. Within Intangible assets located in Europe, \u00a3155.0m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
59.0
269.0
85.4
1,160.3
\u2013
1,573.7
The Americas
6.3
6.8
\u2013
188.5
3.3
204.9
Rest of Europe
1.7
77.6
\u2013
143.4
2.0
224.7
Asia Pacific
3.4
0.3
\u2013
\u2013
\u2013
3.7
70.4
353.7
85.4
1,492.2
5.3
2,007.0
1. Within Intangible assets located in Europe, \u00a3143.4m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-728": { "value": "3 SEGMENTAL REPORTING Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles, including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues.
2024 2023
Revenue \u00a3m \u00a3m
Analysis by category
Sale of vehicles
1,477.9
1,531.9
Sale of parts
84.4
80.0
Servicing of vehicles
11.0
9.8
Brands and motorsport
10.6
11.1
1,583.9
1,632.8
2024 2023
Revenue \u00a3m \u00a3m
Analysis by geographical location
United Kingdom
262.1
309.9
The Americas
1
629.2
452.8
Rest of Europe, Middle East and Africa
2
434.7
547.0
Asia Pacific
3
257.9
323.1
1,583.9
1,632.8
1. Within The Americas geographical segment, material revenue of \u00a3591.0m (2023: \u00a3409.9m) is generated in the United States of America 2. Within Rest of Europe, Middle East and Africa geographical segment, material revenue of \u00a3137.7m (2023: \u00a3167.4m) is generated in Germany 3. Within Asia Pacific geographical segment, material revenue of \u00a3111.8m (2023: \u00a3134.5m) is generated in Japan Non-current assets other than financial instruments and deferred tax assets by geographical location
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
61.3
277.3
85.4
1,230.2
\u2013
1,654.2
The Americas
5.3
5.4
\u2013
188.5
3.8
203.0
Rest of Europe
1.1
68.4
\u2013
155.0
3.5
228.0
Asia Pacific
2.2
0.3
\u2013
\u2013
\u2013
2.5
69.9
351.4
85.4
1,573.7
7.3
2,087.7
1. Within Intangible assets located in Europe, \u00a3155.0m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.
Right-of-use Property, plant, Intangible Other
lease asset equipment Goodwill
assets
1
receivables Total
As at 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
59.0
269.0
85.4
1,160.3
\u2013
1,573.7
The Americas
6.3
6.8
\u2013
188.5
3.3
204.9
Rest of Europe
1.7
77.6
\u2013
143.4
2.0
224.7
Asia Pacific
3.4
0.3
\u2013
\u2013
\u2013
3.7
70.4
353.7
85.4
1,492.2
5.3
2,007.0
1. Within Intangible assets located in Europe, \u00a3143.4m is located in Germany. Within Intangible assets located in the Americas, \u00a3188.5m is located in the United States of America. These assets relate to the technology sharing agreements with Mercedes Benz AG and Lucid Group, Inc. respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-710": { "value": "
2024 2023
Revenue \u00a3m \u00a3m
Analysis by geographical location
United Kingdom
262.1
309.9
The Americas
1
629.2
452.8
Rest of Europe, Middle East and Africa
2
434.7
547.0
Asia Pacific
3
257.9
323.1
1,583.9
1,632.8
1. Within The Americas geographical segment, material revenue of \u00a3591.0m (2023: \u00a3409.9m) is generated in the United States of America
2. Within Rest of Europe, Middle East and Africa geographical segment, material revenue of \u00a3137.7m (2023: \u00a3167.4m) is generated in Germany
3. Within Asia Pacific geographical segment, material revenue of \u00a3111.8m (2023: \u00a3134.5m) is generated in Japan
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-643": { "value": "
4 OPERATING LOSS
The Group\u2019s operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group\u2019s research and
development into a modular battery electric vehicle platform.
** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases.
2024 2023
\u00a3m \u00a3m
Total research and development expenditure
333.3
299.2
Capitalised research and development expenditure (note 12)
(312.1)
(268.5)
Research and development expenditure recognised as an expense
21.2
30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-743": { "value": "4 OPERATING LOSS The Group\u2019s operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group\u2019s research and development into a modular battery electric vehicle platform. ** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases.
2024 2023
\u00a3m \u00a3m
Total research and development expenditure
333.3
299.2
Capitalised research and development expenditure (note 12)
(312.1)
(268.5)
Research and development expenditure recognised as an expense
21.2
30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-746": { "value": "4 OPERATING LOSS The Group\u2019s operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group\u2019s research and development into a modular battery electric vehicle platform. ** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases.
2024 2023
\u00a3m \u00a3m
Total research and development expenditure
333.3
299.2
Capitalised research and development expenditure (note 12)
(312.1)
(268.5)
Research and development expenditure recognised as an expense
21.2
30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-687": { "value": "4 OPERATING LOSS The Group\u2019s operating loss is stated after charging/(crediting):
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group\u2019s research and development into a modular battery electric vehicle platform. ** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases.
2024 2023
\u00a3m \u00a3m
Total research and development expenditure
333.3
299.2
Capitalised research and development expenditure (note 12)
(312.1)
(268.5)
Research and development expenditure recognised as an expense
21.2
30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-711": { "value": "
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
* Other grant income reflects income recognised in the Consolidated Income Statement in relation to an award from the Advanced Propulsion Centre towards the Group\u2019s research and development into a modular battery electric vehicle platform. ** Election taken by the Group to not recognise right-of-use lease assets and equivalent lease liabilities for short-term and low-value leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-729": { "value": "
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment (note 14)
78.5
91.2
Depreciation absorbed into inventory under standard costing
(4.2)
(0.9)
Loss on sale/scrap of property, plant and equipment (note 14)
0.1
2.6
Depreciation of right-of-use lease assets (note 16)
10.1
9.3
Amortisation of intangible assets (note 12)
282.7
280.4
Amortisation (absorbed into)/released from inventory under standard costing
(13.4)
3.0
Depreciation, amortisation and impairment charges included in administrative and other operating expenses
353.8
385.6
Increase/(decrease) in trade receivable loss allowance \u2013 administrative and other operating expenses (note 23)
1.3
(1.3)
Research and development expenditure tax credit
(23.8)
(23.8)
Other grant income*
(1.1)
\u2013
Net foreign currency differences
8.0
0.3
Cost of inventories recognised as an expense
826.0
844.0
Write-down of inventories to net realisable value
4.2
24.2
Increase in fair value of other derivative contracts
\u2013
(11.2)
Lease payments (gross of sub-lease receipts)
Plant, machinery and IT equipment**
0.3
0.3
Sub-lease receipts
Land and buildings
(0.5)
(0.4)
Auditor\u2019s remuneration:
Audit of these Financial Statements
0.3
0.3
Audit of Financial Statements of subsidiaries pursuant to legislation
0.5
0.5
Audit-related assurance
0.1
0.1
Research and development expenditure recognised as an expense
21.2
30.7
14 PROPERTY, PLANT AND EQUIPMENT
Freehold Plant, machinery,
land and fixtures Motor
buildings Tooling and fittings vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
74.7
611.7
265.8
0.7
952.9
Additions
9.1
45.0
23.8
\u2013
77.9
Disposals
(0.1)
(2.8)
(1.7)
(0.1)
(4.7)
Effect of movements in exchange rates
(0.4)
\u2013
(0.1)
\u2013
(0.5)
Balance at 31 December 2023
83.3
653.9
287.8
0.6
1,025.6
Balance at 1 January 2024
83.3
653.9
287.8
0.6
1,025.6
Additions
4.8
52.6
18.8
0.1
76.3
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
\u2013
\u2013
(0.1)
\u2013
(0.1)
Balance at 31 December 2024
88.1
706.3
306.5
0.7
1,101.6
Depreciation
Balance at 1 January 2023
35.1
424.2
123.5
0.2
583.0
Charge for the year
3.8
67.9
19.5
\u2013
91.2
Disposals
(0.1)
(0.9)
(1.0)
(0.1)
(2.1)
Effect of movements in exchange rates
(0.1)
\u2013
(0.1)
\u2013
(0.2)
Balance at 31 December 2023
38.7
491.2
141.9
0.1
671.9
Balance at 1 January 2024
38.7
491.2
141.9
0.1
671.9
Charge for the yea
r
4.5
55.1
18.9
\u2013
78.5
Disposals
\u2013
(0.1)
\u2013
\u2013
(0.1)
Effect of movements in exchange rates
\u2013
\u2013
(0.1)
\u2013
(0.1)
Balance at 31 December 2024
43.2
546.2
160.7
0.1
750.2
Net book value
At 1 January 2023
39.6
187.5
142.3
0.5
369.9
At 31 December 2023
44.6
162.7
145.9
0.5
353.7
At 1 January 2024
44.6
162.7
145.9
0.5
353.7
At 31 December 2024
44.9
160.1
145.8
0.6
351.4
Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited pension scheme.
Assets in the course of construction at a cost of \u00a356.2m (2023: \u00a337.4m) are not depreciated until available for use and are included within the tooling and
plant and machinery categories. The gross value of freehold land and buildings includes freehold land of \u00a36.1m (2023: \u00a36.1m) which is not depreciated.
Capital commitments are disclosed in note 30.
The tables below analyse the net book value of the Group\u2019s property, plant and equipment by geographical location.
United Kingdom Rest of Europe The Americas Asia Pacific Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Freehold land and buildings
40.3
1.7
4.5
\u2013
46.5
Tooling
91.0
64.1
0.6
0.3
156.0
Plant, machinery, fixtures and fittings, and motor vehicles
146.0
2.6
0.3
\u2013
148.9
277.3
68.4
5.4
0.3
351.4
United Kingdom Rest of Europe The Americas Asia Pacific Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Freehold land and buildings
38.7
1.9
5.7
\u2013
46.3
Tooling
83.7
73.7
0.9
0.3
158.6
Plant, machinery, fixtures and fittings, and motor vehicles
146.6
2.0
0.2
\u2013
148.8
269.0
77.6
6.8
0.3
353.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-730": { "value": "
2024 2023
\u00a3m \u00a3m
Total research and development expenditure
333.3
299.2
Capitalised research and development expenditure (note 12)
(312.1)
(268.5)
Research and development expenditure recognised as an expense
21.2
30.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-644": { "value": "5 ADJUSTING ITEMS
2024 2023
\u00a3m \u00a3m
A
djusting operating expenses:
ERP implementation costs
1
(10.0)
(14.5)
Defined Benefit pension scheme closure costs
7
\u2013
(1.0)
Legal settlement income
2
2.9
\u2013
Legal settlement and costs
2
(8.1)
(16.0)
Director settlement and change costs
3
(1.5)
\u2013
(16.7)
(31.5)
A
djusting finance income:
Gain on financial instruments recognised at fair value through Consolidated Income Statement
4
18.1
\u2013
Gain on financial instrument utilised during refinance transactions
5
0.7
\u2013
A
djusting finance expenses:
Premium paid on the early redemption of Senior Secured Notes
5,8
(35.7)
(8.0)
Write-off of capitalised borrowing fees and discount upon early settlement of Senior Secured Notes
8
\u2013
(9.5)
Loss on financial instruments recognised at fair value through Consolidated Income Statement
4
\u2013
(19.0)
(16.9)
(36.5)
Total adjusting items before tax
(33.6)
(68.0)
Tax charge on adjusting items
6
\u2013
\u2013
Adjusting items after tax
(33.6)
(68.0)
Summary of 2024 adjusting items 1. In the year ended 31 December 2024, the Group incurred further implementation costs for a cloud-based Enterprise Resource Planning (ERP) system for which the Group will not own any intellectual property. \u00a310.0m (2023: \u00a314.5m) of costs have been incurred in the period under the service contract and expensed to the Consolidated Income Statement during the business readiness phase of the project. The project continued to undergo a phased rollout during 2024 with the first of two manufacturing sites and further aspects of purchasing going live to complement previous rollouts which included HR, ordering and dealer management, and limited aspects of purchasing in 2023 following the previous migration of finance in 2022. Due to the infrequent recurrence of such costs and the expected quantum during the implementation phase, these have been separately presented as adjusting. The cash impact of this item is a working capital outflow at the time of invoice payment. 2. During the year ended 31 December 2024, the Group incurred legal costs in relation to a number of disputes and claims with entities ultimately owned by a former significant shareholder of the Group. The Group has incurred legal costs of \u00a38.1m associated with its defence of such claims and pursuit of its counterclaims. AMMENA, Aston Martin\u2019s distributor in the Middle East, North Africa and Turkey region has brought various claims, which the Group denies. Certain aspects of these claims, and Aston Martin\u2019s counterclaims, were heard in a confidential arbitration in September 2024. The Tribunal made a partial award in November 2024 and the counterparty has sought permission to appeal certain parts of the award. There is a further hearing set for September 2025 to determine the quantum of any award due in respect of Aston Martin\u2019s counterclaim. Separately, on 1 March 2024 a court order was issued quantifying the amounts payable to the Group from the judgment of a case involving claims against a retail dealership, which is ultimately owned by entities that are shareholders in one of the Group\u2019s subsidiary entities, including for unpaid debts relating to two agreements from 2015 and 2016. The Group was awarded certain of its legal costs, including some on an indemnity basis. Following challenge by the counterparty, the overall amount received by the Group was \u00a32.9m. All remaining amounts due in relation to this dispute have now been resolved. In 2023 the Group had incurred costs of \u00a32.7m in the year which were considered non-recurring in nature as these were related to historic disputes with former shareholders and not related to the ongoing business of the Group. In line with the associated costs relating to the legal matter, which have been considered as non-recurring in nature above, the associated judgment income has been deemed as non-recurring in nature. During the year ended 31 December 2023, the Group was involved in one other High Court case against entities ultimately owned by a former significant shareholder of the Group. AMMENA brought a number of claims against the Group, including claims for debts arising between 2019-2021 when Aston Martin was acting as AMMENA\u2019s agent and several claims that the Group had acted in bad faith when AMMENA resumed its obligations as distributor. The Group successfully defended all the bad faith claims and AMMENA\u2019s 2021 debt claim was dismissed. Aston Martin, however, was unsuccessful in its claim to set off its own counter-claim that AMMENA (as the region\u2019s distributor) should indemnify the Group in relation to costs incurred in the termination of a retail dealer, so was required to pay AMMENA\u2019s debt claims for 2019 and 2020 (totalling \u00a35.3m plus interest of \u00a30.6m). The Group incurred costs of \u00a35.7m in defending AMMENA\u2019s claims and paid opposition costs of \u00a31.7m. The cash impact of these costs was a cash outflow in February 2024 as well as working capital movements during the year ended 31 December 2023 for costs already incurred. Whilst disputes and legal proceedings pending are often in the normal course of the Group\u2019s business, in all these cases the opposing party has links to companies that were former significant shareholders of the Group. On that basis the Group has classified these costs as non-recurring in nature. The Group has continued to disclose a contingent liability in respect of ongoing claims with former significant shareholders of the Group (note 32). 3. On 22 March 2024 it was announced that Amedeo Felisa would be retiring from the business and Adrian Hallmark would be joining the Group as Chief Executive Officer. In addition, Marco Mattiacci, the Group\u2019s Chief Commercial Officer, left the Group on 31 December 2024. The total costs associated with these changes was \u00a31.5m, all of which represents severance costs and payments in lieu of notice (note 6). Due to the nature and quantum, these items have been separately presented. The cash impact of such changes is a working capital movement in 2025. 4. The Group issued Second Lien SSNs during the year ended 31 December 2020 which included detachable warrants classified as a derivative option liability initially valued at \u00a334.6m. The movement in fair value of the liability in the year ended 31 December 2024 resulted in a gain, including warrant exercises, of \u00a318.1m (2023: loss including warrant exercises of \u00a319.0m) being recognised in the Consolidated Income Statement. There is no cash impact of this adjustment. 5. During the year ended 31 December 2024 the Group undertook a refinancing exercise whereby new Senior Secured Notes of $960.0m at 10.0% and \u00a3400.0m at 10.375% repayable 31 March 2029 were issued, and all outstanding First Lien and Second Lien Senior Secured Notes issued by the Group were repaid. To facilitate the repayment of the outstanding Secured Notes, the Group placed a forward currency contract to purchase US dollars. Due to favourable movements in the exchange rates, a gain of \u00a30.7m was recognised in the Consolidated Income Statement at the transaction date. The cash impact of this gain was realised at the point of refinancing. Additionally, in repaying the notes prior to their redemption date, a redemption premium of \u00a335.7m was incurred, of which the cash impact was incurred in the year ended 31 December 2024. 6. In 2024, nil tax has been recognised as an adjusting item (2023: nil tax) which is not in line with the standard rate of income tax for the Group of 25% (2023: 23.5%). This is on the basis that the adjusting items generate net deferred tax assets (specifically unused tax losses and interest amounts disallowed under the corporate interest restriction legislation). These have not been recognised to the extent that sufficient taxable profits are not forecast (under the defined planning cycle applied for the recognition of deferred tax assets) against which the unused tax losses and interest amounts disallowed under the corporate interest restriction legislation would be utilised. Summary of 2023 adjusting items 7. On 31 January 2022, the Group closed its Defined Benefit Pension Scheme to future accrual. Under the terms of the closure agreement, the affected employees were each granted 185 shares incurring a share-based payment charge of \u00a31.0m during 2022. The terms of the agreement provide the employees with a minimum guaranteed value for these shares subject to their ongoing employment with the Group. The Group paid the employees a further cash sum as the share price at 1 February 2024 did not meet this value. The charge associated with this portion was \u00a31.0m in the year ended 31 December 2023 and was accounted for in accordance with IFRS2 as a cash settled share-based payment scheme. No other costs have been recognised in 2024 following the final payment to the relevant employees. 8. During the year ended 31 December 2023, the Group repaid $121.7m of Second Lien Senior Secured Notes (\u201cSSNs\u201d). In repaying the notes prior to their redemption date, a redemption premium of \u00a38.0m was incurred, of which the cash impact was incurred in the year ended 31 December 2023. Accelerated amortisation of capitalised borrowing costs and discount of \u00a39.5m was recognised which was a non-cash item", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-645": { "value": "
6 STAFF COSTS AND DIRECTORS\u2019 EMOLUMENTS
(a) Staff costs (including Directors)
2024 2023
\u00a3m \u00a3m
Wages and salaries
213.4
188.0
Social security costs
21.9
19.4
Contributions to Defined Contribution plans
15.9
20.9
251.2
228.3
The average monthly number of employees during the year were:
2024 2023
B
y
activit
y
Number
Numbe
r
Production
1,266
1,238
Selling and distribution
399
342
Administration
1,255
1,160
2,920
2,740
(b) Directors\u2019 emoluments and transactions
2024 2023
\u00a3m \u00a3m
Directors\u2019 emoluments
3.6
4.4
Company contributions to pension schemes
0.2
0.1
Severance and payments in lieu of notice
0.7
\u2013
4.5
4.5
All Directors benefited from qualifying third-party indemnity provisions. Further information relating to Directors\u2019 remuneration is set out in the Directors\u2019
Remuneration Report on pages 104\u2013124.
(c) Compensation of key management personnel (including Executive Directors)
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
8.4
11.0
Post-employment benefits
0.5
0.5
Severance and payments in lieu of notice
1.9
\u2013
Share related awards
\u2013
0.2
10.8
11.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-689": { "value": "(c) Compensation of key management personnel (including Executive Directors)
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
8.4
11.0
Post-employment benefits
0.5
0.5
Severance and payments in lieu of notice
1.9
\u2013
Share related awards
\u2013
0.2
10.8
11.7
Transactions with Directors and related undertakings
Transactions during 2024
During the year ended 31 December 2024, a net marketing expense amounting to \u00a318.9m of sponsorship has been incurred in the normal course of business
with AMR GP Limited (\"AMR GP\"), an entity indirectly controlled by a member of the Group's Key Management Personnel (\"KMP\"). AMR GP and its legal
structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.9m remains due from
AMR GP at 31 December 2024 relating to these transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle
to each of the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially
affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group's KMP.
In addition, the Group incurred costs of \u00a35.1m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance
Technologies Limited (\"AMPT\") of which \u00a31.3m is outstanding to AMPT at 31 December 2024. AMPT is an associated entity of AMR GP.
During the year ended 31 December 2024, Classic Automobiles Inc. purchased a vehicle for \u00a33.3m of which \u00a3nil was outstanding at 31 December 2024.
Classic Automobiles Inc. is controlled by a member of the Group's KMP.
During the year ended 31 December 2024, the Group incurred a rental expense of \u00a31.3m from Michael Kors (USA), Inc., a Company which is owned
by Capri Holdings Limited. A member of the Group's KMP and Non-Executive Director is also a member of Capri Holdings Limited KMP.
During the year ended 31 December 2024, the Group incurred expenses of \u00a33.8m from Lucid, Inc relating to the implementation work for the technology
purchased in 2023. \u00a30.6m was outstanding as at 31 December 2024. An outstanding cash liability of \u00a371.7m relating to the technology supply arrangement
entered in 2023 remains as at 31 December 2024, all of which is due in 2025 or later. The supply arrangement commits to an effective future minimum spend
with Lucid on powertrain components of \u00a3177.0m. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid
by the Public Investment Fund (\u201cPIF\u201d). PIF are a substantial shareholder of the Group, and two members of the Group's KMP & Non-Executive Directors are
members of PIF's KMP.
During the year ended 31 December 2024, the Group incurred costs of \u00a30.4m for safety testing services from companies within the Geely Holding Group of companies. A further \u00a30.6m of expense was incurred relating to a feasibility study for vehicle development. Owing to the nature of such a study, there is no comparable market offering. A member of the Group's KMP and Non-Executive Director is also a member of Zhejiang Geely Holding Group Co., Limited KMP. \u00a3nil is outstanding as at 31 December 2024. Transactions during 2023 During the year ended 31 December 2023, a net marketing expense amounting to \u00a319.4m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key Management Personnel (\u201cKMP\u201d). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.7m remains due from AMR GP at 31 December 2023 relating to these transactions. During the year ended 31 December 2023 the Group extended its sponsorship arrangements with AMR GP for a further period of five years commencing in 2026. Amounts under this arrangement are due within each financial year from 2026. The Group also exercised its primary warrant option and subscribed for reward shares under the terms of the original sponsorship arrangement giving the Group a minority stake in AMR GP Holdings Limited, the immediate parent company of AMR GP limited. The Group paid nominal value for the shares of which \u00a3nil was outstanding at year end. Further detail is included in notes 15 and 20. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. A separate immediate family member of one of the Group's KMP incurred costs of less than \u00a30.1m relating to the export and transport of a vehicle. The services were provided by a Group company. \u00a3nil was outstanding at 31 December 2023. In addition, the Group incurred costs of \u00a38.5m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance Technologies Limited (\u201cAMPT\u201d) of which \u00a32.8m is outstanding to AMPT at 31 December 2023. AMPT is an associated entity of AMR GP. During the year ended 31 December 2023, Classic Automobiles Inc. purchased a vehicle for \u00a31.8m of which \u00a3nil was outstanding at 31 December 2023. Classic Automobiles Inc. is controlled by a member of the Group\u2019s KMP. During the year ended 31 December 2023, a separate member of the Group\u2019s KMP and Non-executive Director purchased a vehicle for \u00a31.8m, having paid a deposit to the Group in the first half of the year. \u00a3nil was outstanding at 31 December 2023. On 26 June 2023, the Group announced a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) for future access to powertrain components for future BEV models. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (\u201cPIF\u201d). PIF are also a substantial shareholder of the Group and two members of the Group\u2019s KMP & Non-executive Directors are members of PIF\u2019s KMP. The Group recognised an asset of \u00a3188.5m in relation to the supply agreement. The agreement is part-settled in equity, which was issued to Lucid in November 2023. An outstanding cash liability of \u00a371.7m relating to the supply arrangement remains at 31 December 2023, all of which is due in more than one year. The supply arrangements, commit to an effective future minimum spend with Lucid on powertrain components of \u00a3177.0m. During the year ended 31 December 2023, the Group incurred costs of \u00a32.0m for design and engineering work from Pininfarina S.p.A. A member of the Group\u2019s KMP and Non-executive Director is also a member of Pininfarina S.p.A\u2019s KMP. As of 19 May 2023 the individual ceased to be a member of the Group\u2019s KMP and therefore any future spend under the contract will not be disclosed as a related party transaction. \u00a3nil is outstanding as at 31 December 2023. During the year ended 31 December 2023, the Group incurred a rental expense of \u00a31.2m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group\u2019s KMP and Non-executive Director is also a member of Michael Kors (USA), Inc.\u2019s KMP. During the year ended 31 December 2023, the Group incurred consultancy costs of \u00a30.2m from a member of the Group\u2019s KMP and Non-executive Director in relation to the oversight of two significant legal claims which the Group has been party to. \u00a30.1m was outstanding as at 31 December 2023. Owing to the unique experience of the individual involved and the specifics of the legal claims, no detailed market price assessment was performed when engaging this service. During the year ended 31 December 2023, an immediate family member of the Group\u2019s KMP & Non-executive Director provided event services at the opening of Q New York totalling less than \u00a30.1m of expense. \u00a3nil was outstanding at 31 December 2023. No detailed market price assessment was performed when engaging this service. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-646": { "value": "
7 FINANCE INCOME
2024 2023
\u00a3m \u00a3m
Bank deposit and other interest income
7.1
13.5
Foreign exchange gain on borrowings not designated as part of a hedging relationship
\u2013
60.8
Finance income before adjusting items
7.1
74.3
A
djusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance transactions
0.7
\u2013
Gain on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
18.1
\u2013
Total adjusting finance income
18.8
\u2013
Total finance income
25.9
74.3
8 FINANCE EXPENSE
2024 2023
\u00a3m \u00a3m
Bank loans, overdrafts and senior secured notes
151.4
151.3
Interest on lease liabilities (note 16)
4.2
4.1
Net interest expense on the net Defined Benefit liability (note 26)
2.0
2.7
Interest on contract liabilities held (note 21)
3.7
7.7
Foreign exchange loss on borrowings not designated as part of a hedging relationship
14.1
\u2013
Effect of discounting on long-term liabilities
4.4
0.6
Finance expense before adjusting items
179.8
166.4
A
djusting finance expense items:
Loss on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
\u2013
19.0
Premium paid on the early redemption of Senior Secured Notes
35.7
8.0
Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes
\u2013
9.5
Total adjusting finance expense
35.7
36.5
Total finance expense
215.5
202.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-731": { "value": "7 FINANCE INCOME
2024 2023
\u00a3m \u00a3m
Bank deposit and other interest income
7.1
13.5
Foreign exchange gain on borrowings not designated as part of a hedging relationship
\u2013
60.8
Finance income before adjusting items
7.1
74.3
A
djusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance transactions
0.7
\u2013
Gain on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
18.1
\u2013
Total adjusting finance income
18.8
\u2013
Total finance income
25.9
74.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-712": { "value": "7 FINANCE INCOME
2024 2023
\u00a3m \u00a3m
Bank deposit and other interest income
7.1
13.5
Foreign exchange gain on borrowings not designated as part of a hedging relationship
\u2013
60.8
Finance income before adjusting items
7.1
74.3
A
djusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance transactions
0.7
\u2013
Gain on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
18.1
\u2013
Total adjusting finance income
18.8
\u2013
Total finance income
25.9
74.3
8 FINANCE EXPENSE
2024 2023
\u00a3m \u00a3m
Bank loans, overdrafts and senior secured notes
151.4
151.3
Interest on lease liabilities (note 16)
4.2
4.1
Net interest expense on the net Defined Benefit liability (note 26)
2.0
2.7
Interest on contract liabilities held (note 21)
3.7
7.7
Foreign exchange loss on borrowings not designated as part of a hedging relationship
14.1
\u2013
Effect of discounting on long-term liabilities
4.4
0.6
Finance expense before adjusting items
179.8
166.4
A
djusting finance expense items:
Loss on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
\u2013
19.0
Premium paid on the early redemption of Senior Secured Notes
35.7
8.0
Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes
\u2013
9.5
Total adjusting finance expense
35.7
36.5
Total finance expense
215.5
202.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-688": { "value": "7 FINANCE INCOME
2024 2023
\u00a3m \u00a3m
Bank deposit and other interest income
7.1
13.5
Foreign exchange gain on borrowings not designated as part of a hedging relationship
\u2013
60.8
Finance income before adjusting items
7.1
74.3
A
djusting finance income items:
Foreign exchange gain on financial instrument utilised during refinance transactions
0.7
\u2013
Gain on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
18.1
\u2013
Total adjusting finance income
18.8
\u2013
Total finance income
25.9
74.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-732": { "value": "8 FINANCE EXPENSE
2024 2023
\u00a3m \u00a3m
Bank loans, overdrafts and senior secured notes
151.4
151.3
Interest on lease liabilities (note 16)
4.2
4.1
Net interest expense on the net Defined Benefit liability (note 26)
2.0
2.7
Interest on contract liabilities held (note 21)
3.7
7.7
Foreign exchange loss on borrowings not designated as part of a hedging relationship
14.1
\u2013
Effect of discounting on long-term liabilities
4.4
0.6
Finance expense before adjusting items
179.8
166.4
A
djusting finance expense items:
Loss on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
\u2013
19.0
Premium paid on the early redemption of Senior Secured Notes
35.7
8.0
Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes
\u2013
9.5
Total adjusting finance expense
35.7
36.5
Total finance expense
215.5
202.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-690": { "value": "8 FINANCE EXPENSE
2024 2023
\u00a3m \u00a3m
Bank loans, overdrafts and senior secured notes
151.4
151.3
Interest on lease liabilities (note 16)
4.2
4.1
Net interest expense on the net Defined Benefit liability (note 26)
2.0
2.7
Interest on contract liabilities held (note 21)
3.7
7.7
Foreign exchange loss on borrowings not designated as part of a hedging relationship
14.1
\u2013
Effect of discounting on long-term liabilities
4.4
0.6
Finance expense before adjusting items
179.8
166.4
A
djusting finance expense items:
Loss on financial instruments recognised at fair value through Consolidated Income Statement (note 23)
\u2013
19.0
Premium paid on the early redemption of Senior Secured Notes
35.7
8.0
Write-off of capitalised borrowing fees upon early settlement of Senior Secured Notes
\u2013
9.5
Total adjusting finance expense
35.7
36.5
Total finance expense
215.5
202.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-647": { "value": "
9 TAXATION
2024 2023
\u00a3m \u00a3m
UK corporation tax on result
0.1
0.3
Overseas tax
5.4
1.7
Prior period movement
(0.1)
(0.1)
Total current income tax charge
5.4
1.9
Deferred tax charge/(credit)
Origination and reversal of temporary differences
27.1
(15.1)
Prior period movement
1.8
0.2
Effect of change in deferred tax rate
0.1
\u2013
Total deferred tax charge/(credit)
29.0
(14.9)
Total income tax charge/(credit) in the Consolidated Income Statement
34.4
(13.0)
Tax relating to items charged/(credited
)
to other comprehensive income
Deferred ta
x
Actuarial movement on Defined Benefit plan
2.5
\u2013
Fair value adjustment on investments in equity interests
9.4
\u2013
Fair value adjustment on cash flow hedges
(0.9)
(1.2)
11.0
(1.2)
Tax relating to items charged in equity
\u2013
deferred tax
Effect of equity settled share-based payment charge
0.4
(0.5)
(a) Reconciliation of the total income tax (credit)/charge
The tax charge (2023: credit) in the Consolidated Statement of Comprehensive Income for the year is higher (2023: lower) than the standard rate of
corporation tax in the UK of 25% (2023: 23.5%). The differences are reconciled below:
2024 2023
\u00a3m \u00a3m
Loss from operations before taxation
(289.1)
(239.8)
Loss from operations before taxation multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)
(72.3)
(56.3)
Difference to total income tax charge/(credit) due to effects of:
Expenses not deductible for tax purposes
1.4
1.2
Movement in unprovided deferred tax
70.0
43.4
Net prior year deferred tax assets no longer recognised
29.9
\u2013
Adjustments in respect of prior periods
1.7
0.1
Effect of change in deferred tax rate
0.1
\u2013
Difference in UK tax rates
\u2013
(0.7)
Difference in overseas tax rates
0.1
0.2
Investments in equity instruments
3.5
\u2013
Other
\u2013
(0.9)
Total income tax charge/(credit)
34.4
(13.0)
(b) Tax paid
Total net tax paid during the year was \u00a30.9m (2023: \u00a35.6m).
(c) Factors affecting future tax charges
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation is effective from the
Group's financial year commencing 1 January 2024. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial
statements for the constituent entities in the Group. Based on the assessment, the Pillar Two Transitional Safe Harbour provisions are expected to apply in
each jurisdiction the Group operates in, and management is not aware of any circumstance under which this might change. Therefore, there is no tax expense
associated with the Pillar Two legislation for the financial period ended 31 December 2024. The Group has applied the exception in IAS 12 \u2019Income Taxes\u2019 to
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
(d) Deferred tax
Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(115.8)
(108.5)
\u2013
\u2013
Intangible assets
\u2013
\u2013
191.5
182.9
Employee benefits
(7.7)
(12.7)
\u2013
\u2013
Provisions
(4.0)
(10.4)
\u2013
\u2013
RDEC credit
1
(33.3)
(23.5)
\u2013
\u2013
RDEC deferred income
2
(17.7)
(13.8)
\u2013
\u2013
Losses and other deductions
3
(150.7)
(168.3)
\u2013
\u2013
Share-based payments
(1.4)
(2.0)
\u2013
\u2013
Investments in equity interests
4
\u2013
\u2013
12.7
\u2013
Deferred tax (assets)/liabilities
(330.6)
(339.2)
204.2
182.9
Offset of tax liabilities/(assets)
204.2
182.9
(204.2)
(182.9)
Total deferred tax (assets)/liabilities
(126.4)
(156.3)
\u2013
\u2013
1 Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging any future corporation
tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2).
2 Deferred tax assets categorised as \u2018RDEC deferred income\u2019 relate to expenditure deferred to the Consolidated Statement of Financial position which has previously been included within filed
RDEC claims and subject to corporation tax. Any future release of the RDEC deferred income to the Consolidated Income Statement will not be subject to corporation tax for a second time.
3 Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation.
4 Deferred tax liabilities categorised as 'Investments in equity interests' relate to the Groups subscription for shares in AMR GP Holdings Limited (Note 15). The above amount represents the future
tax charge arising on taxable gains that will crystalise upon a sale of the Groups shareholding.
Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset.
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2024 Statement in OCI equity movement 2024
Movement in deferred tax in 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(108.5)
(7.3)
\u2013
\u2013
\u2013
(115.8)
Intangible assets
182.9
8.6
\u2013
\u2013
\u2013
191.5
Employee benefits
(12.7)
2.5
2.5
\u2013
\u2013
(7.7)
Provisions
(10.4)
7.9
(0.9)
\u2013
(0.6)
(4.0)
RDEC credit
(23.5)
\u2013
\u2013
\u2013
(9.8)
(33.3)
RDEC deferred income
(13.8)
(3.9)
\u2013
\u2013
\u2013
(17.7)
Losses and other deductions
(168.3)
17.8
\u2013
\u2013
(0.2)
(150.7)
Share-based payments
(2.0)
0.1
\u2013
0.4
0.1
(1.4)
Investments in equity instruments
\u2013
3.3
9.4
\u2013
\u2013
12.7
(156.3)
29.0
11.0
0.4
(10.5)
(126.4)
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2023 Statement in OCI equity movement 2023
Movement in deferred tax in 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(76.2)
(32.3)
\u2013
\u2013
\u2013
(108.5)
Intangible assets
181.3
1.6
\u2013
\u2013
\u2013
182.9
Employee benefits
(15.5)
2.8
\u2013
\u2013
\u2013
(12.7)
Provisions
(8.4)
(1.4)
(1.2)
\u2013
0.6
(10.4)
RDEC credit
(16.1)
\u2013
\u2013
\u2013
(7.4)
(23.5)
RDEC deferred income
\u2013
(13.8)
\u2013
\u2013
\u2013
(13.8)
Losses and other deductions
(198.6)
30.1
\u2013
\u2013
0.2
(168.3)
Share-based payments
(0.2)
(1.2)
\u2013
(0.5)
(0.1)
(2.0)
Other
0.7
(0.7)
\u2013
\u2013
\u2013
\u2013
(133.0)
(14.9)
(1.2)
(0.5)
(6.7)
(156.3)
The losses and other deductions of \u00a3150.7m (\u00a3602.6m gross) are comprised of UK tax losses totalling \u00a395.1m (\u00a3380.5m gross) and disallowed interest amounts of \u00a355.6m (\u00a3222.1m gross). Net deferred tax assets have been recognised to the extent that it is considered probable that future taxable profits will be available against which the deductible temporary differences or unused tax losses or credits can be recovered or utilised. In evaluating the level of probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments. Given the recent history of accumulating tax losses, the Group has evaluated whether there is convincing other evidence that sufficient taxable profit will be available in determining the supportable level of net deferred tax assets which have been recognised at the reporting date. The launch of four new core models, the successful refinancing exercise, and a strengthened Executive team as well as rebasing of future plans in September 2024 smoothing the cadence of wholesale volumes and maximising production efficiencies provides convincing evidence that the current business plan, as set out by the Executive team, will start generating the forecast taxable profits in the UK in the short term in order to support the recognition of deferred tax assets. The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the later periods. Specifically in this context, for the deferred tax assets held by the main UK trading entity, a defined look-out period for Internal Combustion Engine (\u2018ICE\u2019) and Plug-In Hybrid Vehicle (\u2018PHEV\u2019) to 31 December 2030 was selected on the basis that this timeframe correlates to existing vehicle life cycles and the prior year look-out period end date.
The group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,650.9m comprised of \u00a3709.6m tax losses (UK tax losses of \u00a3683.8m
and China tax losses of \u00a325.8m), \u00a3254.0m accelerated capital allowances, \u00a349.6m provisions (US provisions of \u00a331.8m and China provisions of \u00a317.8m) and
\u00a3637.7m of disallowed tax interest amounts. An increase/decrease of \u00a350m in forecast taxable UK profits by 2030 would increase/decrease the level of
deferred tax asset that would be recognised on losses by \u00a36.3m under current UK tax legislation. A 20% decrease in DBX volumes, a 10% decrease in sports
volumes and an \u00a382m non-achievement of cost-saving initiatives to the base forecasts results in a potential decrease in recognition of \u00a336.5m, equivalent to
2 year of additional recognition under current UK tax legislation. The removal of EV profits from 2029 and 2030 results in a potential decrease in recognition
of \u00a314.8m, equivalent to 1 year of additional recognition. The aggregate amount of temporary differences associated with investments in subsidiaries and
branches for which deferred tax liabilities have not been recognised is \u00a32.9m for the financial year ended 31 December 2024 (2023: \u00a31.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-713": { "value": "(d) Deferred tax Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(115.8)
(108.5)
\u2013
\u2013
Intangible assets
\u2013
\u2013
191.5
182.9
Employee benefits
(7.7)
(12.7)
\u2013
\u2013
Provisions
(4.0)
(10.4)
\u2013
\u2013
RDEC credit
1
(33.3)
(23.5)
\u2013
\u2013
RDEC deferred income
2
(17.7)
(13.8)
\u2013
\u2013
Losses and other deductions
3
(150.7)
(168.3)
\u2013
\u2013
Share-based payments
(1.4)
(2.0)
\u2013
\u2013
Investments in equity interests
4
\u2013
\u2013
12.7
\u2013
Deferred tax (assets)/liabilities
(330.6)
(339.2)
204.2
182.9
Offset of tax liabilities/(assets)
204.2
182.9
(204.2)
(182.9)
Total deferred tax (assets)/liabilities
(126.4)
(156.3)
\u2013
\u2013
1 Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2). 2 Deferred tax assets categorised as \u2018RDEC deferred income\u2019 relate to expenditure deferred to the Consolidated Statement of Financial position which has previously been included within filed RDEC claims and subject to corporation tax. Any future release of the RDEC deferred income to the Consolidated Income Statement will not be subject to corporation tax for a second time. 3 Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation. 4 Deferred tax liabilities categorised as 'Investments in equity interests' relate to the Groups subscription for shares in AMR GP Holdings Limited (Note 15). The above amount represents the future tax charge arising on taxable gains that will crystalise upon a sale of the Groups shareholding. Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset.
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2024 Statement in OCI equity movement 2024
Movement in deferred tax in 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(108.5)
(7.3)
\u2013
\u2013
\u2013
(115.8)
Intangible assets
182.9
8.6
\u2013
\u2013
\u2013
191.5
Employee benefits
(12.7)
2.5
2.5
\u2013
\u2013
(7.7)
Provisions
(10.4)
7.9
(0.9)
\u2013
(0.6)
(4.0)
RDEC credit
(23.5)
\u2013
\u2013
\u2013
(9.8)
(33.3)
RDEC deferred income
(13.8)
(3.9)
\u2013
\u2013
\u2013
(17.7)
Losses and other deductions
(168.3)
17.8
\u2013
\u2013
(0.2)
(150.7)
Share-based payments
(2.0)
0.1
\u2013
0.4
0.1
(1.4)
Investments in equity instruments
\u2013
3.3
9.4
\u2013
\u2013
12.7
(156.3)
29.0
11.0
0.4
(10.5)
(126.4)
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2023 Statement in OCI equity movement 2023
Movement in deferred tax in 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(76.2)
(32.3)
\u2013
\u2013
\u2013
(108.5)
Intangible assets
181.3
1.6
\u2013
\u2013
\u2013
182.9
Employee benefits
(15.5)
2.8
\u2013
\u2013
\u2013
(12.7)
Provisions
(8.4)
(1.4)
(1.2)
\u2013
0.6
(10.4)
RDEC credit
(16.1)
\u2013
\u2013
\u2013
(7.4)
(23.5)
RDEC deferred income
\u2013
(13.8)
\u2013
\u2013
\u2013
(13.8)
Losses and other deductions
(198.6)
30.1
\u2013
\u2013
0.2
(168.3)
Share-based payments
(0.2)
(1.2)
\u2013
(0.5)
(0.1)
(2.0)
Other
0.7
(0.7)
\u2013
\u2013
\u2013
\u2013
(133.0)
(14.9)
(1.2)
(0.5)
(6.7)
(156.3)
The losses and other deductions of \u00a3150.7m (\u00a3602.6m gross) are comprised of UK tax losses totalling \u00a395.1m (\u00a3380.5m gross) and disallowed interest amounts of \u00a355.6m (\u00a3222.1m gross). Net deferred tax assets have been recognised to the extent that it is considered probable that future taxable profits will be available against which the deductible temporary differences or unused tax losses or credits can be recovered or utilised. In evaluating the level of probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern and viability assessments. Given the recent history of accumulating tax losses, the Group has evaluated whether there is convincing other evidence that sufficient taxable profit will be available in determining the supportable level of net deferred tax assets which have been recognised at the reporting date. The launch of four new core models, the successful refinancing exercise, and a strengthened Executive team as well as rebasing of future plans in September 2024 smoothing the cadence of wholesale volumes and maximising production efficiencies provides convincing evidence that the current business plan, as set out by the Executive team, will start generating the forecast taxable profits in the UK in the short term in order to support the recognition of deferred tax assets. The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the later periods. Specifically in this context, for the deferred tax assets held by the main UK trading entity, a defined look-out period for Internal Combustion Engine (\u2018ICE\u2019) and Plug-In Hybrid Vehicle (\u2018PHEV\u2019) to 31 December 2030 was selected on the basis that this timeframe correlates to existing vehicle life cycles and the prior year look-out period end date. The group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,650.9m comprised of \u00a3709.6m tax losses (UK tax losses of \u00a3683.8m and China tax losses of \u00a325.8m), \u00a3254.0m accelerated capital allowances, \u00a349.6m provisions (US provisions of \u00a331.8m and China provisions of \u00a317.8m) and \u00a3637.7m of disallowed tax interest amounts. An increase/decrease of \u00a350m in forecast taxable UK profits by 2030 would increase/decrease the level of deferred tax asset that would be recognised on losses by \u00a36.3m under current UK tax legislation. A 20% decrease in DBX volumes, a 10% decrease in sports volumes and an \u00a382m non-achievement of cost-saving initiatives to the base forecasts results in a potential decrease in recognition of \u00a336.5m, equivalent to 2 year of additional recognition under current UK tax legislation. The removal of EV profits from 2029 and 2030 results in a potential decrease in recognition of \u00a314.8m, equivalent to 1 year of additional recognition. The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax liabilities have not been recognised is \u00a32.9m for the financial year ended 31 December 2024 (2023: \u00a31.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-691": { "value": "(d) Deferred tax Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(115.8)
(108.5)
\u2013
\u2013
Intangible assets
\u2013
\u2013
191.5
182.9
Employee benefits
(7.7)
(12.7)
\u2013
\u2013
Provisions
(4.0)
(10.4)
\u2013
\u2013
RDEC credit
1
(33.3)
(23.5)
\u2013
\u2013
RDEC deferred income
2
(17.7)
(13.8)
\u2013
\u2013
Losses and other deductions
3
(150.7)
(168.3)
\u2013
\u2013
Share-based payments
(1.4)
(2.0)
\u2013
\u2013
Investments in equity interests
4
\u2013
\u2013
12.7
\u2013
Deferred tax (assets)/liabilities
(330.6)
(339.2)
204.2
182.9
Offset of tax liabilities/(assets)
204.2
182.9
(204.2)
(182.9)
Total deferred tax (assets)/liabilities
(126.4)
(156.3)
\u2013
\u2013
1 Deferred tax assets categorised as \u2018RDEC credit\u2019 relate to the cumulative restricted amount of the payable tax credits which can be applied or surrendered in discharging any future corporation tax liability of the claimant company, as detailed in the Government Grants section of the Accounting Policies (Note 2). 2 Deferred tax assets categorised as \u2018RDEC deferred income\u2019 relate to expenditure deferred to the Consolidated Statement of Financial position which has previously been included within filed RDEC claims and subject to corporation tax. Any future release of the RDEC deferred income to the Consolidated Income Statement will not be subject to corporation tax for a second time. 3 Deferred tax assets categorised as \u2018Losses and other deductions\u2019 relate to tax losses and tax interest amounts disallowed under the corporate interest restriction legislation. 4 Deferred tax liabilities categorised as 'Investments in equity interests' relate to the Groups subscription for shares in AMR GP Holdings Limited (Note 15). The above amount represents the future tax charge arising on taxable gains that will crystalise upon a sale of the Groups shareholding.
Where the right exists in certain jurisdictions, deferred tax assets and liabilities have been offset.
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2024 Statement in OCI equity movement 2024
Movement in deferred tax in 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(108.5)
(7.3)
\u2013
\u2013
\u2013
(115.8)
Intangible assets
182.9
8.6
\u2013
\u2013
\u2013
191.5
Employee benefits
(12.7)
2.5
2.5
\u2013
\u2013
(7.7)
Provisions
(10.4)
7.9
(0.9)
\u2013
(0.6)
(4.0)
RDEC credit
(23.5)
\u2013
\u2013
\u2013
(9.8)
(33.3)
RDEC deferred income
(13.8)
(3.9)
\u2013
\u2013
\u2013
(17.7)
Losses and other deductions
(168.3)
17.8
\u2013
\u2013
(0.2)
(150.7)
Share-based payments
(2.0)
0.1
\u2013
0.4
0.1
(1.4)
Investments in equity instruments
\u2013
3.3
9.4
\u2013
\u2013
12.7
(156.3)
29.0
11.0
0.4
(10.5)
(126.4)
Net tax
recognised Net tax Net tax
1 January in Income recognised recognised in Other 31 December
2023 Statement in OCI equity movement 2023
Movement in deferred tax in 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
(76.2)
(32.3)
\u2013
\u2013
\u2013
(108.5)
Intangible assets
181.3
1.6
\u2013
\u2013
\u2013
182.9
Employee benefits
(15.5)
2.8
\u2013
\u2013
\u2013
(12.7)
Provisions
(8.4)
(1.4)
(1.2)
\u2013
0.6
(10.4)
RDEC credit
(16.1)
\u2013
\u2013
\u2013
(7.4)
(23.5)
RDEC deferred income
\u2013
(13.8)
\u2013
\u2013
\u2013
(13.8)
Losses and other deductions
(198.6)
30.1
\u2013
\u2013
0.2
(168.3)
Share-based payments
(0.2)
(1.2)
\u2013
(0.5)
(0.1)
(2.0)
Other
0.7
(0.7)
\u2013
\u2013
\u2013
\u2013
(133.0)
(14.9)
(1.2)
(0.5)
(6.7)
(156.3)
The losses and other deductions of \u00a3150.7m (\u00a3602.6m gross) are comprised of UK tax losses totalling \u00a395.1m (\u00a3380.5m gross) and disallowed
interest amounts of \u00a355.6m (\u00a3222.1m gross). Net deferred tax assets have been recognised to the extent that it is considered probable that future taxable
profits will be available against which the deductible temporary differences or unused tax losses or credits can be recovered or utilised. In evaluating the level
of probable future taxable profits the Group reviews the same underlying assumptions and future forecasts used for impairment testing, going concern
and viability assessments.
Given the recent history of accumulating tax losses, the Group has evaluated whether there is convincing other evidence that sufficient taxable profit will be
available in determining the supportable level of net deferred tax assets which have been recognised at the reporting date. The launch of four new core
models, the successful refinancing exercise, and a strengthened Executive team as well as rebasing of future plans in September 2024 smoothing the cadence
of wholesale volumes and maximising production efficiencies provides convincing evidence that the current business plan, as set out by the Executive team,
will start generating the forecast taxable profits in the UK in the short term in order to support the recognition of deferred tax assets.
The future forecasts cover an extended period, which inherently increases the level of significant estimation uncertainty in the later periods. Specifically in this
context, for the deferred tax assets held by the main UK trading entity, a defined look-out period for Internal Combustion Engine (\u2018ICE\u2019) and Plug-In Hybrid
Vehicle (\u2018PHEV\u2019) to 31 December 2030 was selected on the basis that this timeframe correlates to existing vehicle life cycles and the prior year look-out period
end date.
The group has gross deferred tax assets unrecognised at the reporting date totalling \u00a31,650.9m comprised of \u00a3709.6m tax losses (UK tax losses of \u00a3683.8m and China tax losses of \u00a325.8m), \u00a3254.0m accelerated capital allowances, \u00a349.6m provisions (US provisions of \u00a331.8m and China provisions of \u00a317.8m) and \u00a3637.7m of disallowed tax interest amounts. An increase/decrease of \u00a350m in forecast taxable UK profits by 2030 would increase/decrease the level of deferred tax asset that would be recognised on losses by \u00a36.3m under current UK tax legislation. A 20% decrease in DBX volumes, a 10% decrease in sports volumes and an \u00a382m non-achievement of cost-saving initiatives to the base forecasts results in a potential decrease in recognition of \u00a336.5m, equivalent to 2 year of additional recognition under current UK tax legislation. The removal of EV profits from 2029 and 2030 results in a potential decrease in recognition of \u00a314.8m, equivalent to 1 year of additional recognition. The aggregate amount of temporary differences associated with investments in subsidiaries and branches for which deferred tax liabilities have not been recognised is \u00a32.9m for the financial year ended 31 December 2024 (2023: \u00a31.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-648": { "value": "
10 DIVIDENDS
Aston Martin Works Limited, a subsidiary of the Group, declared and paid a dividend of \u00a316.0m during the year. As Aston Martin Works Limited is not fully
owned by the Group at the time of the dividend transaction, \u00a38.0m of the dividend was paid to shareholders outside of the Group.
AMWS Limited (the parent Company of Aston Martin Works Limited in which AML held a 50% shareholding up to the point of the AMWS Limited\u2019s liquidation)
declared and paid dividends totalling \u00a30.1m in the year relating to surplus funds in the business upon liquidation. At the time of the dividend transactions,
AMWS Limited was not fully owned by the Group. Less than \u00a30.1m of the dividends were paid to the shareholders outside of the Group.
No dividends were declared or paid by the Company or any Group entities in the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-733": { "value": "
11 EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the loss for the year available for equity holders by the weighted average number of ordinary shares
in issue during the year. A total of 2,301,201 ordinary shares were issued under the Group\u2019s share investment plan (note 29). As these shares are held in trust
on behalf of the Group\u2019s employees and the Group controls the trust they have been excluded from the calculation of the weighted average number of shares.
Continuin
g
and total o
p
erations
2024
2023
Basic earnings per ordinary share
Loss available for equity holders (\u00a3m)
(323.5)
(228.1)
Basic weighted average number of ordinary shares (million)
832.4
748.2
Basic loss per ordinary share (pence)
(38.9p)
(30.5p)
Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number
of dilutive ordinary share awards outstanding during the year, including the future technology shares and warrants detailed below. The weighted average
number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-dilutive to the earnings per share value.
Continuin
g
and total o
p
erations
2024
2023
Diluted earnings per ordinary share
Loss available for equity holders (\u00a3m)
(323.5)
(228.1)
Basic weighted average number of ordinary shares (million)
832.4
748.2
Diluted loss per ordinary share (pence)
(38.9p)
(30.5p)
2024 2023
Number
Numbe
r
Diluted weighted average number of ordinary shares is calculated as:
Basic weighted average number of ordinary shares (million)
832.4
748.2
Adjustments for calculation of diluted earnings per share:
1
Long-term incentive plans
\u2013
\u2013
Issue of unexercised ordinary share warrants
\u2013
\u2013
Weighted average number of diluted ordinary shares (million)
832.4
748.2
1 The number of ordinary shares issued as part of the long-term incentive plans and the potential number of ordinary shares issued as part of the 2020 issue of share warrants have been excluded
from the weighted average number of diluted ordinary shares, as including them is anti-dilutive to diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-649": { "value": "11 EARNINGS PER ORDINARY SHARE Basic earnings per ordinary share is calculated by dividing the loss for the year available for equity holders by the weighted average number of ordinary shares in issue during the year. A total of 2,301,201 ordinary shares were issued under the Group\u2019s share investment plan (note 29). As these shares are held in trust on behalf of the Group\u2019s employees and the Group controls the trust they have been excluded from the calculation of the weighted average number of shares.
Continuin
g
and total o
p
erations
2024
2023
Basic earnings per ordinary share
Loss available for equity holders (\u00a3m)
(323.5)
(228.1)
Basic weighted average number of ordinary shares (million)
832.4
748.2
Basic loss per ordinary share (pence)
(38.9p)
(30.5p)
Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share awards outstanding during the year, including the future technology shares and warrants detailed below. The weighted average number of dilutive ordinary share awards outstanding during the year are excluded when including them would be anti-dilutive to the earnings per share value.
Continuin
g
and total o
p
erations
2024
2023
Diluted earnings per ordinary share
Loss available for equity holders (\u00a3m)
(323.5)
(228.1)
Basic weighted average number of ordinary shares (million)
832.4
748.2
Diluted loss per ordinary share (pence)
(38.9p)
(30.5p)
2024 2023
Number
Numbe
r
Diluted weighted average number of ordinary shares is calculated as:
Basic weighted average number of ordinary shares (million)
832.4
748.2
Adjustments for calculation of diluted earnings per share:
1
Long-term incentive plans
\u2013
\u2013
Issue of unexercised ordinary share warrants
\u2013
\u2013
Weighted average number of diluted ordinary shares (million)
832.4
748.2
1 The number of ordinary shares issued as part of the long-term incentive plans and the potential number of ordinary shares issued as part of the 2020 issue of share warrants have been excluded from the weighted average number of diluted ordinary shares, as including them is anti-dilutive to diluted earnings per share.
Detachable warrants to acquire shares in the Company were issued alongside the Second Lien SSNs issued by the Group in December 2020, and subsequently
repaid in March 2024, can be exercised from 1 July 2021 through to 7 December 2027. As a consequence of the rights issue during the period ended 31 December
2022 the number of ordinary shares issuable via the options was increased by a multiple of 6 to ensure the warrant holders\u2019 interests were not diluted. As at
31 December 2024, 66,159,325 warrant options, each entitled to 0.3 ordinary shares, remain unexercised. The future exercise of warrants may have a dilutive effect
in future periods if the Group generates a profit.
Adjusted earnings per share is disclosed in note 34 to show performance undistorted by adjusting items to assist in providing useful information on the
underlying performance of the Group and enhance the comparability of information between reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-692": { "value": "
12 INTANGIBLE ASSETS
Capitalised Dealer Software
Goodwill Brands Technology development cost network and other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
85.4
297.6
163.5
1,845.9
15.4
73.0
2,480.8
Additions
\u2013
\u2013
188.5
268.5
\u2013
6.4
463.4
Balance at 31 December 2023
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Balance at 1 January 2024
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Additions
\u2013
\u2013
47.9
312.1
\u2013
4.2
364.2
Balance at 31 December 2024
85.4
297.6
399.9
2,426.5
15.4
83.6
3,308.4
Amortisation
Balance at 1 January 2023
\u2013
\u2013
11.8
1,002.0
11.6
60.8
1,086.2
Charge for the year
\u2013
\u2013
9.8
264.0
0.7
5.9
280.4
Balance at 31 December 2023
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Balance at 1 January 2024
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Charge for the yea
r
\u2013
\u2013
35.4
238.1
0.8
8.4
282.7
Balance at 31 December 2024
\u2013
\u2013
57.0
1,504.1
13.1
75.1
1,649.3
Net book value
At 1 January 2023
85.4
297.6
151.7
843.9
3.8
12.2
1,394.6
At 31 December 2023
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 1 January 2024
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 31 December 2024
85.4
297.6
342.9
922.4
2.3
8.5
1,659.1
On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic
architecture via a Strategic Cooperation Agreement (\u201cSCA\u201d). The Group was required to undertake a valuation exercise to measure the fair value of the access
to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of
cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value
of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology was \u00a3142.3m.
The \u00a3142.3m represented the assumed cost at acquisition after which the cost model has been adopted. Amortisation commenced during the year ended
31 December 2023 and the current carrying value of the SCA technology asset is \u00a385.5m (2023: \u00a3134.2m). On 2 July 2024 the Group entered a further
agreement with MBAG relating to the future supply of engine units at a total cost of \u00a363.2m. \u00a315.3m of the cost was funded via a transfer from the SCA noted
above with the balance of \u00a347.9m to be cash settled. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended by management.
On 26 June 2023, the Aston Martin Lagonda Global Holdings plc confirmed a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) providing the Group with access to select powertrain components for future BEV vehicles (collectively the \u201ctechnology\u201d). The consideration paid by the Group was a mixture of cash and 28,352,273 newly issued shares in Aston Martin Lagonda Global Holdings plc. The Group was required to undertake a valuation exercise to measure the fair value of the access to the Lucid technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology was \u00a3188.5m. The \u00a3188.5m represented the assumed cost at acquisition after which the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The carrying value of the technology asset is \u00a3188.5m. Amortisation of capitalised development costs commences when the programme to which the expenditure relates is available for use. As at 31 December 2024, \u00a3382.1m (2023: \u00a3253.2m) of capitalised development costs were not yet within the scope of amortisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-650": { "value": "12 INTANGIBLE ASSETS
Capitalised Dealer Software
Goodwill Brands Technology development cost network and other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
85.4
297.6
163.5
1,845.9
15.4
73.0
2,480.8
Additions
\u2013
\u2013
188.5
268.5
\u2013
6.4
463.4
Balance at 31 December 2023
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Balance at 1 January 2024
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Additions
\u2013
\u2013
47.9
312.1
\u2013
4.2
364.2
Balance at 31 December 2024
85.4
297.6
399.9
2,426.5
15.4
83.6
3,308.4
Amortisation
Balance at 1 January 2023
\u2013
\u2013
11.8
1,002.0
11.6
60.8
1,086.2
Charge for the year
\u2013
\u2013
9.8
264.0
0.7
5.9
280.4
Balance at 31 December 2023
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Balance at 1 January 2024
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Charge for the yea
r
\u2013
\u2013
35.4
238.1
0.8
8.4
282.7
Balance at 31 December 2024
\u2013
\u2013
57.0
1,504.1
13.1
75.1
1,649.3
Net book value
At 1 January 2023
85.4
297.6
151.7
843.9
3.8
12.2
1,394.6
At 31 December 2023
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 1 January 2024
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 31 December 2024
85.4
297.6
342.9
922.4
2.3
8.5
1,659.1
On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement (\u201cSCA\u201d). The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology was \u00a3142.3m. The \u00a3142.3m represented the assumed cost at acquisition after which the cost model has been adopted. Amortisation commenced during the year ended 31 December 2023 and the current carrying value of the SCA technology asset is \u00a385.5m (2023: \u00a3134.2m). On 2 July 2024 the Group entered a further agreement with MBAG relating to the future supply of engine units at a total cost of \u00a363.2m. \u00a315.3m of the cost was funded via a transfer from the SCA noted above with the balance of \u00a347.9m to be cash settled. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.
On 26 June 2023, the Aston Martin Lagonda Global Holdings plc confirmed a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) providing the
Group with access to select powertrain components for future BEV vehicles (collectively the \u201ctechnology\u201d). The consideration paid by the Group was a mixture
of cash and 28,352,273 newly issued shares in Aston Martin Lagonda Global Holdings plc. The Group was required to undertake a valuation exercise to
measure the fair value of the access to the Lucid technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which
compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This
methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value
of access to this technology was \u00a3188.5m. The \u00a3188.5m represented the assumed cost at acquisition after which the cost model has been adopted.
Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the
manner intended by management. The carrying value of the technology asset is \u00a3188.5m.
Amortisation of capitalised development costs commences when the programme to which the expenditure relates is available for use. As at 31 December 2024,
\u00a3382.1m (2023: \u00a3253.2m) of capitalised development costs were not yet within the scope of amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-714": { "value": "12 INTANGIBLE ASSETS
Capitalised Dealer Software
Goodwill Brands Technology development cost network and other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
85.4
297.6
163.5
1,845.9
15.4
73.0
2,480.8
Additions
\u2013
\u2013
188.5
268.5
\u2013
6.4
463.4
Balance at 31 December 2023
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Balance at 1 January 2024
85.4
297.6
352.0
2,114.4
15.4
79.4
2,944.2
Additions
\u2013
\u2013
47.9
312.1
\u2013
4.2
364.2
Balance at 31 December 2024
85.4
297.6
399.9
2,426.5
15.4
83.6
3,308.4
Amortisation
Balance at 1 January 2023
\u2013
\u2013
11.8
1,002.0
11.6
60.8
1,086.2
Charge for the year
\u2013
\u2013
9.8
264.0
0.7
5.9
280.4
Balance at 31 December 2023
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Balance at 1 January 2024
\u2013
\u2013
21.6
1,266.0
12.3
66.7
1,366.6
Charge for the yea
r
\u2013
\u2013
35.4
238.1
0.8
8.4
282.7
Balance at 31 December 2024
\u2013
\u2013
57.0
1,504.1
13.1
75.1
1,649.3
Net book value
At 1 January 2023
85.4
297.6
151.7
843.9
3.8
12.2
1,394.6
At 31 December 2023
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 1 January 2024
85.4
297.6
330.4
848.4
3.1
12.7
1,577.6
At 31 December 2024
85.4
297.6
342.9
922.4
2.3
8.5
1,659.1
On 7 December 2020, the Company issued 224,657,287 shares to MBAG as consideration for access to the first tranche of powertrain and electronic architecture via a Strategic Cooperation Agreement (\u201cSCA\u201d). The Group was required to undertake a valuation exercise to measure the fair value of the access to the MBAG technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology was \u00a3142.3m. The \u00a3142.3m represented the assumed cost at acquisition after which the cost model has been adopted. Amortisation commenced during the year ended 31 December 2023 and the current carrying value of the SCA technology asset is \u00a385.5m (2023: \u00a3134.2m). On 2 July 2024 the Group entered a further agreement with MBAG relating to the future supply of engine units at a total cost of \u00a363.2m. \u00a315.3m of the cost was funded via a transfer from the SCA noted above with the balance of \u00a347.9m to be cash settled. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. On 26 June 2023, the Aston Martin Lagonda Global Holdings plc confirmed a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) providing the Group with access to select powertrain components for future BEV vehicles (collectively the \u201ctechnology\u201d). The consideration paid by the Group was a mixture of cash and 28,352,273 newly issued shares in Aston Martin Lagonda Global Holdings plc. The Group was required to undertake a valuation exercise to measure the fair value of the access to the Lucid technology upon its initial capitalisation. The Group selected the \u2018With and Without\u2019 income approach which compares the net present value of cash flows from the Group\u2019s business plan prior to (\u2018Without\u2019) and after (\u2018With\u2019) the access to the technology. This methodology estimates the present value of the net benefit associated with acquiring the access to the technology. In the Group\u2019s assessment, the fair value of access to this technology was \u00a3188.5m. The \u00a3188.5m represented the assumed cost at acquisition after which the cost model has been adopted. Amortisation is aligned to when the asset is available for use \u2013 i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The carrying value of the technology asset is \u00a3188.5m. Amortisation of capitalised development costs commences when the programme to which the expenditure relates is available for use. As at 31 December 2024, \u00a3382.1m (2023: \u00a3253.2m) of capitalised development costs were not yet within the scope of amortisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-651": { "value": "
13 IMPAIRMENT TESTING
Indefinite useful life non-current assets
Goodwill and brands acquired through business combinations have been allocated for impairment testing purposes to one cash-generating unit \u2013 the
Aston Martin Lagonda Group business. This represents the lowest level within the Group at which goodwill and brands are monitored for internal purposes.
The Group has considered the carrying value of its assets in the context of the Group\u2019s market capitalisation. At this level, it was concluded that the net assets
of the Group are recoverable owing to the Group\u2019s market capitalisation of \u00a31.0bn at 31 December 2024.
Finite useful life non-current assets
Recoverability of non-current assets with finite useful lives include property, plant and equipment, right-of-use lease assets and certain intangible assets.
Intangible assets with finite useful lives mainly consist of capitalised development costs and technology.
The Group reviews the carrying amount of non-current assets with finite useful lives when events and circumstances indicate that an asset may be impaired.
Impairment tests are performed by comparing the carrying amount and the recoverable amount of the assets. The recoverable amount is the higher of the
assets\u2019 fair value less costs of disposal and their value-in-use. Where non-current assets with finite useful lives are not yet available for use, these are tested
for impairment annually.
In assessing the value-in-use, the estimated future cash flows relating to the forecast usage period of the asset, or group of assets, are discounted to their
present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks.
Key assumptions used in value-in-use calculations
The calculation of value-in-use for the assets is most sensitive to the following assumptions:
\u2013 Cash flows are projected based on actual operating results and the current five-year plan.
\u2013 Discount rates are calculated using a weighted average cost of capital approach. They reflect the individual nature and specific risks relating to the
business and the market in which the Group operates. The pre-tax discount rate used was 15.0% (2023: 14.0%).
\u2013 A long-term growth rate of 2% (2023: 2%).
Sensitivity analysis
\u2013 As at 31 December 2024, the gross margin would need to decrease by 40% (2023: 36%) before any of the finite life assets become impaired.
The Group has considered the carrying value of its assets in conjunction with the trading and cash flow forecasts for the Group including factors related to the
Group\u2019s ongoing climate commitments (see note 1). The Group is satisfied no impairment is required at 31 December 2024. No reasonably possible change
in an assumption could result in a material impact on the impairment assessment in the next twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-652": { "value": "14 PROPERTY, PLANT AND EQUIPMENT
Freehold Plant, machinery,
land and fixtures Motor
buildings Tooling and fittings vehicles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
74.7
611.7
265.8
0.7
952.9
Additions
9.1
45.0
23.8
\u2013
77.9
Disposals
(0.1)
(2.8)
(1.7)
(0.1)
(4.7)
Effect of movements in exchange rates
(0.4)
\u2013
(0.1)
\u2013
(0.5)
Balance at 31 December 2023
83.3
653.9
287.8
0.6
1,025.6
Balance at 1 January 2024
83.3
653.9
287.8
0.6
1,025.6
Additions
4.8
52.6
18.8
0.1
76.3
Disposals
\u2013
(0.2)
\u2013
\u2013
(0.2)
Effect of movements in exchange rates
\u2013
\u2013
(0.1)
\u2013
(0.1)
Balance at 31 December 2024
88.1
706.3
306.5
0.7
1,101.6
Depreciation
Balance at 1 January 2023
35.1
424.2
123.5
0.2
583.0
Charge for the year
3.8
67.9
19.5
\u2013
91.2
Disposals
(0.1)
(0.9)
(1.0)
(0.1)
(2.1)
Effect of movements in exchange rates
(0.1)
\u2013
(0.1)
\u2013
(0.2)
Balance at 31 December 2023
38.7
491.2
141.9
0.1
671.9
Balance at 1 January 2024
38.7
491.2
141.9
0.1
671.9
Charge for the yea
r
4.5
55.1
18.9
\u2013
78.5
Disposals
\u2013
(0.1)
\u2013
\u2013
(0.1)
Effect of movements in exchange rates
\u2013
\u2013
(0.1)
\u2013
(0.1)
Balance at 31 December 2024
43.2
546.2
160.7
0.1
750.2
Net book value
At 1 January 2023
39.6
187.5
142.3
0.5
369.9
At 31 December 2023
44.6
162.7
145.9
0.5
353.7
At 1 January 2024
44.6
162.7
145.9
0.5
353.7
At 31 December 2024
44.9
160.1
145.8
0.6
351.4
Property, plant and equipment provides security for a fixed and floating charge in favour of the Aston Martin Lagonda Limited pension scheme. Assets in the course of construction at a cost of \u00a356.2m (2023: \u00a337.4m) are not depreciated until available for use and are included within the tooling and plant and machinery categories. The gross value of freehold land and buildings includes freehold land of \u00a36.1m (2023: \u00a36.1m) which is not depreciated. Capital commitments are disclosed in note 30. The tables below analyse the net book value of the Group\u2019s property, plant and equipment by geographical location.
United Kingdom Rest of Europe The Americas Asia Pacific Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Freehold land and buildings
40.3
1.7
4.5
\u2013
46.5
Tooling
91.0
64.1
0.6
0.3
156.0
Plant, machinery, fixtures and fittings, and motor vehicles
146.0
2.6
0.3
\u2013
148.9
277.3
68.4
5.4
0.3
351.4
United Kingdom Rest of Europe The Americas Asia Pacific Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Freehold land and buildings
38.7
1.9
5.7
\u2013
46.3
Tooling
83.7
73.7
0.9
0.3
158.6
Plant, machinery, fixtures and fittings, and motor vehicles
146.6
2.0
0.2
\u2013
148.8
269.0
77.6
6.8
0.3
353.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-653": { "value": "
15 INVESTMENTS IN EQUITY INTERESTS
On 15 November 2023, the Group subscribed for shares in AMR GP Holdings Limited (\u201cAMR GP\u201d) by exercising its primary warrant option and subscribing for
reward shares it was entitled to under the initial sponsorship term. The primary warrant became exercisable following the Group entering an agreement in
2023 with AMR GP for a second sponsorship term running from 2026 to 2030.
At the point of subscription, a valuation exercise was undertaken to determine the fair value of the derivatives with a gain being recognised in the Consolidated
Income Statement (see note 20). As the subscription was sufficiently close to the prior year end date, and no material changes occurred in the underlying
business between the subscription date and the year end date, the same valuation was used to determine the fair value as at 31 December 2023. The fair value
of the warrant equity option and reward shares was established by applying the proportion of equity represented by the derivatives to an assessment of the
equity value of AMR GP Limited, which was then adjusted to reflect marketability and control commensurate with the size of the investment.
During the year ended 31 December 2024, two new third parties made substantial investments into AMR GP. As this represented a third such investment into
AMR GP since November 2023, the Group has measured the fair value of its holdings with reference to the sales price achieved in those transactions. As part
of both inward investments into AMR GP in 2024, the Group disposed of a portion of its shareholding for total gross proceeds of \u00a318.7m.
The Group has made the election to carry the investment at fair value through other comprehensive income and will continue to fair value the investment in
line with the requirements of IFRS 9 at future balance sheet dates. This election was made to reduce volatility due to movements in fair value within the
Consolidated Income Statement.
2024 2023
\u00a3m \u00a3m
Investments
As at 1 January
18.2
\u2013
Change in fair value
51.4
\u2013
Additions
\u2013
18.2
Disposals
(18.7)
\u2013
As at 31 December
50.9
18.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-654": { "value": "16 LEASES The Group holds lease contracts for buildings, plant and machinery and IT equipment. a) Right-of-use lease assets
Plant and
Properties machinery IT equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
92.2
11.1
0.9
104.2
Additions
4.4
\u2013
1.4
5.8
Modifications
0.6
\u2013
\u2013
0.6
Disposals
(3.5)
(0.1)
(0.1)
(3.7)
Effect of movements in exchange rates
(1.5)
\u2013
(0.1)
(1.6)
Balance at 31 December 2023
92.2
11.0
2.1
105.3
Balance at 1 January 2024
92.2
11.0
2.1
105.3
Additions
6.2
\u2013
2.0
8.2
Modifications
1.6
\u2013
\u2013
1.6
Disposals
(5.3)
\u2013
(0.7)
(6.0)
Effect of movements in exchange rates
(0.5)
\u2013
\u2013
(0.5)
Balance at 31 December 2024
94.2
11.0
3.4
108.6
Depreciation
Balance at 1 January 2023
28.0
1.2
0.6
29.8
Charge for the year
8.3
0.4
0.6
9.3
Disposals
(3.4)
(0.1)
(0.1)
(3.6)
Effect of movements in exchange rates
(0.7)
\u2013
0.1
(0.6)
Balance at 31 December 2023
32.2
1.5
1.2
34.9
Balance at 1 January 2024
32.2
1.5
1.2
34.9
Charge for the yea
r
8.8
0.4
0.9
10.1
Disposals
(5.3)
\u2013
(0.7)
(6.0)
Effect of movements in exchange rates
(0.4)
0.1
\u2013
(0.3)
Balance at 31 December 2024
35.3
2.0
1.4
38.7
Carrying value
At 1 January 2023
64.2
9.9
0.3
74.4
At 31 December 2023
60.0
9.5
0.9
70.4
At 1 January 2024
60.0
9.5
0.9
70.4
At 31 December 2024
58.9
9.0
2.0
69.9
Income from the sub-leasing of right-of-use assets in the year 31 December 2024 was \u00a30.5m (2023: \u00a30.4m). The Group recognises the lease payments received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement. b) Obligations under leases The maturity profile of undiscounted lease cash flows accounted for under IFRS 16 is:
2024 2023
\u00a3m \u00a3m
Less than one year
13.3
12.7
One to five years
39.7
40.3
More than five years
80.4
82.8
133.4
135.8
The maturity profile of discounted lease cash flows accounted for under IFRS 16 is:
2024 2023
\u00a3m \u00a3m
Less than one year
9.4
8.8
One to five years
28.2
28.5
More than five years
59.0
60.0
96.6
97.3
Analysed as:
Current
9.4
8.8
Non-current
87.2
88.5
96.6
97.3
A reconciliation of the lease liability from 1 January to 31 December for the current and prior year is disclosed within note 28. The total lease interest expense for the year ended 31 December 2024 was \u00a34.2m (2023: \u00a34.1m). Total cash outflow for capital payments for leases accounted for under IFRS 16 for the current year was \u00a39.5m (2023: \u00a37.9m). Expenses charged to the Consolidated Income Statement for short-term leases for the year ended 31 December 2024 were \u00a30.3m (2023: \u00a30.3m). The portfolio of short-term leases at 31 December 2024 is representative of the expected annual short-term lease expense in future years. The following disclosure has been included to facilitate the understanding of the impact of adopting IFRS 16 on the Group due to covenants in the Group\u2019s finance arrangements that continue to use IAS 17. The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year ended 31 December 2024 is:
Excluding
Add back Add back
impact of
As reported IFRS 16 IFRS 16 Less Less
IFRS 16
31 December interest depreciation amortisation Less lease IAS 17
31 December
2024 charge charge of legal fees incentives
lease cost
2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Revenue
1,583.9
\u2013
\u2013
\u2013
\u2013
\u2013
1,583.9
Cost of sales
(1,000.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,000.0)
Gross profit
583.9
\u2013
\u2013
\u2013
\u2013
\u2013
583.9
Selling and distribution expenses
(135.4)
\u2013
\u2013
\u2013
\u2013
\u2013
(135.4)
Administrative and other
operating expenses
(548.0)
\u2013
10.1
(0.1)
1.1
(13.7)
(550.6)
Operating loss
(99.5)
\u2013
10.1
(0.1)
1.1
(13.7)
(102.1)
Finance income
25.9
\u2013
\u2013
\u2013
\u2013
\u2013
25.9
Finance expense
(215.5)
4.2
\u2013
\u2013
\u2013
\u2013
(211.3)
(Loss)/profit before ta
x
(289.1)
4.2
10.1
(0.1)
1.1
(13.7)
(287.5)
Adjusted EBITDA (note 34)
271.0
\u2013
\u2013
(0.1)
1.1
(13.7)
258.3
The impact of IFRS 16 on the Consolidated Income Statement, excluding tax, for the year ended 31 December 2023 is:
Excluding
Add back Add back
impact of
As reported IFRS 16 IFRS 16 Less Less
IFRS 16
31 December interest depreciation amortisation Less lease IAS 17
31 December
2023 charge charge of legal fees incentives
lease cost
2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Revenue
1,632.8
\u2013
\u2013
\u2013
\u2013
\u2013
1,632.8
Cost of sales
(993.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(993.6)
Gross profit
639.2
\u2013
\u2013
\u2013
\u2013
\u2013
639.2
Selling and distribution expenses
(143.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(143.8)
Administrative and other
operating expenses
(606.6)
\u2013
9.3
(0.1)
1.1
(11.7)
(608.0)
Operating loss
(111.2)
\u2013
9.3
(0.1)
1.1
(11.7)
(112.6)
Finance income
74.3
\u2013
\u2013
\u2013
\u2013
\u2013
74.3
Finance expense
(202.9)
4.1
\u2013
\u2013
\u2013
\u2013
(198.8)
(Loss)/profit before ta
x
(239.8)
4.1
9.3
(0.1)
1.1
(11.7)
(237.1)
Adjusted EBITDA (note 34)
305.9
\u2013
\u2013
(0.1)
1.1
(11.7)
295.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-693": { "value": "
a) Right-of-use lease assets
Plant and
Properties machinery IT equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
Balance at 1 January 2023
92.2
11.1
0.9
104.2
Additions
4.4
\u2013
1.4
5.8
Modifications
0.6
\u2013
\u2013
0.6
Disposals
(3.5)
(0.1)
(0.1)
(3.7)
Effect of movements in exchange rates
(1.5)
\u2013
(0.1)
(1.6)
Balance at 31 December 2023
92.2
11.0
2.1
105.3
Balance at 1 January 2024
92.2
11.0
2.1
105.3
Additions
6.2
\u2013
2.0
8.2
Modifications
1.6
\u2013
\u2013
1.6
Disposals
(5.3)
\u2013
(0.7)
(6.0)
Effect of movements in exchange rates
(0.5)
\u2013
\u2013
(0.5)
Balance at 31 December 2024
94.2
11.0
3.4
108.6
Depreciation
Balance at 1 January 2023
28.0
1.2
0.6
29.8
Charge for the year
8.3
0.4
0.6
9.3
Disposals
(3.4)
(0.1)
(0.1)
(3.6)
Effect of movements in exchange rates
(0.7)
\u2013
0.1
(0.6)
Balance at 31 December 2023
32.2
1.5
1.2
34.9
Balance at 1 January 2024
32.2
1.5
1.2
34.9
Charge for the yea
r
8.8
0.4
0.9
10.1
Disposals
(5.3)
\u2013
(0.7)
(6.0)
Effect of movements in exchange rates
(0.4)
0.1
\u2013
(0.3)
Balance at 31 December 2024
35.3
2.0
1.4
38.7
Carrying value
At 1 January 2023
64.2
9.9
0.3
74.4
At 31 December 2023
60.0
9.5
0.9
70.4
At 1 January 2024
60.0
9.5
0.9
70.4
At 31 December 2024
58.9
9.0
2.0
69.9
Income from the sub-leasing of right-of-use assets in the year 31 December 2024 was \u00a30.5m (2023: \u00a30.4m). The Group recognises the lease payments
received on a straight-line basis over the lease term within administrative and other operating expenses in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-655": { "value": "
17 INVENTORIES
2024 2023
\u00a3m \u00a3m
Parts for resale, service parts and production stock
132.2
157.7
Work in progress
50.4
33.2
Finished vehicles
120.4
81.8
303.0
272.7
Finished vehicles include Group-owned service cars at a net realisable value of \u00a353.4m (2023: \u00a349.0m).
During the years ended 31 December 2024 and 2023, inventory repurchase arrangements were entered into for certain parts for resale, service parts and
production stock. These inventories were sold and subsequently repurchased \u2013 see note 21 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-656": { "value": "
18 TRADE AND OTHER RECEIVABLES
2024 2023
\u00a3m \u00a3m
Amounts included in current assets
Trade receivables
125.5
216.2
Indirect taxation
46.1
43.8
Prepayments
27.6
46.6
Other receivables
10.5
15.6
209.7
322.2
Amounts included in non-current assets
Other receivables
7.3
5.3
Trade and other receivables for non-vehicle receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities,
the fair value of trade and other receivables approximates to their book value. Certain vehicle trade receivables are financed through a wholesale finance
facility (see below). Where vehicle trade receivables remain a part of the Group\u2019s Consolidated Statement of Financial Position, these receivables bear interest
after 60 days. Credit terms for such trade receivables vary between 0 and 180 days.
Within other receivables, \u00a311.0m (2023: \u00a39.6m) relates to cash collateral paid to financial institutions in respect of a risk share arrangement for customer-
leased vehicles. \u00a33.7m (2023: \u00a34.3m) of the balance is presented in current assets with \u00a37.3m (2023: \u00a35.3m) presented in non-current assets.
Credit risk is discussed further in note 23.
The carrying amount of trade and other receivables (excluding prepayments) at 31 December, converted into sterling at the year end exchange rates, are
denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
48.0
78.6
Chinese renminbi
7.8
38.3
Euro
80.6
87.9
US dollar
15.4
17.0
Japanese yen
26.0
41.0
Other
11.6
18.1
189.4
280.9
Wholesale finance facilities
Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale
finance facility.
In the year ended 31 December 2022, the Group entered into a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (\u201cCAAB\u201d) and its regional
designates within the UK and EU markets and in the year ended 31 December 2024 entered into a wholesale finance facility with Stellantis Automotive Finance
Co., Ltd. (\u201cStellantis\u201d) for the China market. Under the facilities, the Group finances dealer trade receivables with CAAB and Stellantis around the time a sale
has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has
the option to subvent the dealer financing cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a
financing expense in the Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade
receivables financed through CAAB and Stellantis. The Group is satisfied that substantially all the risks are transferred to CAAB and Stellantis in both
arrangements. As a result, the wholesale finance facilities are off balance sheet. Due to this classification, financing costs of \u00a34.2m (2023: \u00a32.5m) associated
with the scheme are presented in operating cash flows (note 28). As at 31 December 2024, \u00a3149.0m was financed under the CAAB facility and \u00a34.0m under
the Stellantis facility (2023: \u00a383.8m under the CAAB facility).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-734": { "value": "18 TRADE AND OTHER RECEIVABLES
2024 2023
\u00a3m \u00a3m
Amounts included in current assets
Trade receivables
125.5
216.2
Indirect taxation
46.1
43.8
Prepayments
27.6
46.6
Other receivables
10.5
15.6
209.7
322.2
Amounts included in non-current assets
Other receivables
7.3
5.3
Trade and other receivables for non-vehicle receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities, the fair value of trade and other receivables approximates to their book value. Certain vehicle trade receivables are financed through a wholesale finance facility (see below). Where vehicle trade receivables remain a part of the Group\u2019s Consolidated Statement of Financial Position, these receivables bear interest after 60 days. Credit terms for such trade receivables vary between 0 and 180 days. Within other receivables, \u00a311.0m (2023: \u00a39.6m) relates to cash collateral paid to financial institutions in respect of a risk share arrangement for customer- leased vehicles. \u00a33.7m (2023: \u00a34.3m) of the balance is presented in current assets with \u00a37.3m (2023: \u00a35.3m) presented in non-current assets. Credit risk is discussed further in note 23. The carrying amount of trade and other receivables (excluding prepayments) at 31 December, converted into sterling at the year end exchange rates, are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
48.0
78.6
Chinese renminbi
7.8
38.3
Euro
80.6
87.9
US dollar
15.4
17.0
Japanese yen
26.0
41.0
Other
11.6
18.1
189.4
280.9
Wholesale finance facilities Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale finance facility. In the year ended 31 December 2022, the Group entered into a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (\u201cCAAB\u201d) and its regional designates within the UK and EU markets and in the year ended 31 December 2024 entered into a wholesale finance facility with Stellantis Automotive Finance Co., Ltd. (\u201cStellantis\u201d) for the China market. Under the facilities, the Group finances dealer trade receivables with CAAB and Stellantis around the time a sale has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the dealer financing cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a financing expense in the Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through CAAB and Stellantis. The Group is satisfied that substantially all the risks are transferred to CAAB and Stellantis in both arrangements. As a result, the wholesale finance facilities are off balance sheet. Due to this classification, financing costs of \u00a34.2m (2023: \u00a32.5m) associated with the scheme are presented in operating cash flows (note 28). As at 31 December 2024, \u00a3149.0m was financed under the CAAB facility and \u00a34.0m under the Stellantis facility (2023: \u00a383.8m under the CAAB facility). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-715": { "value": "18 TRADE AND OTHER RECEIVABLES
2024 2023
\u00a3m \u00a3m
Amounts included in current assets
Trade receivables
125.5
216.2
Indirect taxation
46.1
43.8
Prepayments
27.6
46.6
Other receivables
10.5
15.6
209.7
322.2
Amounts included in non-current assets
Other receivables
7.3
5.3
Trade and other receivables for non-vehicle receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities, the fair value of trade and other receivables approximates to their book value. Certain vehicle trade receivables are financed through a wholesale finance facility (see below). Where vehicle trade receivables remain a part of the Group\u2019s Consolidated Statement of Financial Position, these receivables bear interest after 60 days. Credit terms for such trade receivables vary between 0 and 180 days. Within other receivables, \u00a311.0m (2023: \u00a39.6m) relates to cash collateral paid to financial institutions in respect of a risk share arrangement for customer- leased vehicles. \u00a33.7m (2023: \u00a34.3m) of the balance is presented in current assets with \u00a37.3m (2023: \u00a35.3m) presented in non-current assets. Credit risk is discussed further in note 23. The carrying amount of trade and other receivables (excluding prepayments) at 31 December, converted into sterling at the year end exchange rates, are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
48.0
78.6
Chinese renminbi
7.8
38.3
Euro
80.6
87.9
US dollar
15.4
17.0
Japanese yen
26.0
41.0
Other
11.6
18.1
189.4
280.9
Wholesale finance facilities Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale finance facility. In the year ended 31 December 2022, the Group entered into a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (\u201cCAAB\u201d) and its regional designates within the UK and EU markets and in the year ended 31 December 2024 entered into a wholesale finance facility with Stellantis Automotive Finance Co., Ltd. (\u201cStellantis\u201d) for the China market. Under the facilities, the Group finances dealer trade receivables with CAAB and Stellantis around the time a sale has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the dealer financing cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a financing expense in the Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through CAAB and Stellantis. The Group is satisfied that substantially all the risks are transferred to CAAB and Stellantis in both arrangements. As a result, the wholesale finance facilities are off balance sheet. Due to this classification, financing costs of \u00a34.2m (2023: \u00a32.5m) associated with the scheme are presented in operating cash flows (note 28). As at 31 December 2024, \u00a3149.0m was financed under the CAAB facility and \u00a34.0m under the Stellantis facility (2023: \u00a383.8m under the CAAB facility). 20 OTHER FINANCIAL ASSETS
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value
1.0
3.3
Other derivative contracts
23.2
\u2013
24.2
3.3
Analysed as:
Current
1.0
3.3
Non-current
23.2
\u2013
24.2
3.3
The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales and purchase contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Consolidated Statement of Financial Position. Other derivative contracts represent the secondary warrant option which entitles the Group to subscribe for additional equity in AMR GP for a fixed value. The secondary warrant option, an embedded derivative, was not recognised upon entering the initial sponsorship contract in March 2020 due to insufficient certainty over the conditions attached to the warrant being achieved. During 2024, the Group further extended its sponsorship contract with AMR GP for a period from 2031 to 2045 giving the Group sufficient certainty to recognise the derivative as a financial asset. The fair value of the option was assessed in the same manner as the Group values its existing investment in AMR GP (see note 15). A corresponding liability was recognised on recognition of the derivative (see note 23) which represents an accrual for that element of future sponsorship payments. The option is exercisable from 1 January 2031. Future movements in the fair value of the derivative will be recognised in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-694": { "value": "18 TRADE AND OTHER RECEIVABLES
2024 2023
\u00a3m \u00a3m
Amounts included in current assets
Trade receivables
125.5
216.2
Indirect taxation
46.1
43.8
Prepayments
27.6
46.6
Other receivables
10.5
15.6
209.7
322.2
Amounts included in non-current assets
Other receivables
7.3
5.3
Trade and other receivables for non-vehicle receivables are non-interest bearing and generally have terms of less than 60 days. Due to their short maturities, the fair value of trade and other receivables approximates to their book value. Certain vehicle trade receivables are financed through a wholesale finance facility (see below). Where vehicle trade receivables remain a part of the Group\u2019s Consolidated Statement of Financial Position, these receivables bear interest after 60 days. Credit terms for such trade receivables vary between 0 and 180 days. Within other receivables, \u00a311.0m (2023: \u00a39.6m) relates to cash collateral paid to financial institutions in respect of a risk share arrangement for customer- leased vehicles. \u00a33.7m (2023: \u00a34.3m) of the balance is presented in current assets with \u00a37.3m (2023: \u00a35.3m) presented in non-current assets. Credit risk is discussed further in note 23. The carrying amount of trade and other receivables (excluding prepayments) at 31 December, converted into sterling at the year end exchange rates, are denominated in the following currencies:
2024 2023
\u00a3m \u00a3m
Sterling
48.0
78.6
Chinese renminbi
7.8
38.3
Euro
80.6
87.9
US dollar
15.4
17.0
Japanese yen
26.0
41.0
Other
11.6
18.1
189.4
280.9
Wholesale finance facilities Sales to third-party Aston Martin franchised dealers are eligible, subject to individual dealer approved credit limits, to be financed through a wholesale finance facility. In the year ended 31 December 2022, the Group entered into a multi-currency wholesale finance facility with CA Auto Bank S.p.A. (\u201cCAAB\u201d) and its regional designates within the UK and EU markets and in the year ended 31 December 2024 entered into a wholesale finance facility with Stellantis Automotive Finance Co., Ltd. (\u201cStellantis\u201d) for the China market. Under the facilities, the Group finances dealer trade receivables with CAAB and Stellantis around the time a sale has been made under the Group\u2019s revenue recognition policy and receives consideration equal to the value of the trade receivable financed. The Group has the option to subvent the dealer financing cost which provides the dealer network an interest-free period. The cost of this subvention is presented as a financing expense in the Consolidated Income Statement. The Group has considered the IFRS 9 criteria for asset derecognition in respect of the trade receivables financed through CAAB and Stellantis. The Group is satisfied that substantially all the risks are transferred to CAAB and Stellantis in both arrangements. As a result, the wholesale finance facilities are off balance sheet. Due to this classification, financing costs of \u00a34.2m (2023: \u00a32.5m) associated with the scheme are presented in operating cash flows (note 28). As at 31 December 2024, \u00a3149.0m was financed under the CAAB facility and \u00a34.0m under the Stellantis facility (2023: \u00a383.8m under the CAAB facility). 20 OTHER FINANCIAL ASSETS
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value
1.0
3.3
Other derivative contracts
23.2
\u2013
24.2
3.3
Analysed as:
Current
1.0
3.3
Non-current
23.2
\u2013
24.2
3.3
The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales and purchase contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Consolidated Statement of Financial Position. Other derivative contracts represent the secondary warrant option which entitles the Group to subscribe for additional equity in AMR GP for a fixed value. The secondary warrant option, an embedded derivative, was not recognised upon entering the initial sponsorship contract in March 2020 due to insufficient certainty over the conditions attached to the warrant being achieved. During 2024, the Group further extended its sponsorship contract with AMR GP for a period from 2031 to 2045 giving the Group sufficient certainty to recognise the derivative as a financial asset. The fair value of the option was assessed in the same manner as the Group values its existing investment in AMR GP (see note 15). A corresponding liability was recognised on recognition of the derivative (see note 23) which represents an accrual for that element of future sponsorship payments. The option is exercisable from 1 January 2031. Future movements in the fair value of the derivative will be recognised in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-657": { "value": "
19 CASH AND CASH EQUIVALENTS
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
359.6
392.4
Cash at bank when placed on deposit earns interest at floating rates based on daily bank deposit rates. The book value of cash and cash equivalents
approximates to their fair value.
Cash is held in the following currencies; those held in currencies other than sterling have been converted into sterling at year end exchange rates:
2024 2023
\u00a3m \u00a3m
Sterling
175.8
143.2
Chinese renminbi
14.7
21.6
Euro
38.9
38.7
US dollar
113.4
166.5
Japanese yen
9.9
15.9
Other
6.9
6.5
359.6
392.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-658": { "value": "
20 OTHER FINANCIAL ASSETS
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value
1.0
3.3
Other derivative contracts
23.2
\u2013
24.2
3.3
Analysed as:
Current
1.0
3.3
Non-current
23.2
\u2013
24.2
3.3
The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales and purchase contracts.
At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Consolidated Statement of
Financial Position.
Other derivative contracts represent the secondary warrant option which entitles the Group to subscribe for additional equity in AMR GP for a fixed value. The
secondary warrant option, an embedded derivative, was not recognised upon entering the initial sponsorship contract in March 2020 due to insufficient certainty
over the conditions attached to the warrant being achieved. During 2024, the Group further extended its sponsorship contract with AMR GP for a period from
2031 to 2045 giving the Group sufficient certainty to recognise the derivative as a financial asset. The fair value of the option was assessed in the same manner as
the Group values its existing investment in AMR GP (see note 15). A corresponding liability was recognised on recognition of the derivative (see note 23) which
represents an accrual for that element of future sponsorship payments. The option is exercisable from 1 January 2031.
Future movements in the fair value of the derivative will be recognised in the Consolidated Income Statement.
22 OTHER FINANCIAL LIABILITIES
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value (see note 23)
5.6
2.1
Other derivatives (see note 20)
23.2
\u2013
Derivative option over own shares (see note 23)
5.0
23.1
33.8
25.2
Analysed as:
Current
10.6
25.2
Non-current
23.2
\u2013
33.8
25.2
23 FINANCIAL INSTRUMENTS Group The Group's principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (\u201cSSNs\u201d), a Revolving Credit Facility (\u201cRCF\u201d), a finished vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts. Additionally, the Group has trade payables and trade receivables which arise directly from its operations. Included in trade and other payables is a liability relating to an inventory repurchase arrangement. These short-term assets and liabilities are included in the currency risk disclosure. The main risks arising from the Group's financial instruments are credit risk, interest-rate risk, currency risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The Group's risk policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and monitor adherence to limits. The Board of Directors oversees how management monitor compliance with the Group risk management policies and procedures and reviews the adequacy of the risk management framework in relation to specific risks faced by the Group. Credit risk The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or use the wholesale financing scheme (see note 18). Credit risk on receivables purchased by CAAB and Stellantis under the wholesale finance facilities is borne by CAAB and Stellantis. The Group has no credit risk associated with the CAAB or Stellantis facilities. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 18) is assessed as zero. In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group has no material contract assets.
As at 31 December 2024
As at 31 December 2023
Expected Gross carrying Loss Expected Gross carrying Loss
loss rate amount allowance loss rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
Current *
99.7
\u2013 *
180.1
\u2013
1 \u2013 30 days past due *
7.5
\u2013 *
28.2
\u2013
31 \u2013 60 days past due *
15.4
\u2013 *
3.7
\u2013
61+ days past due
42.0%
5.0
2.1
52.2%
8.8
4.6
127.6
2.1
220.8
4.6
* The expected loss rates for these specific ageing categories are not disclosed, as no material loss allowance is generated when applied against the gross carrying value. The expected loss rate has reduced following the settlement of previously provided receivables.
2024 2023
\u00a3m \u00a3m
Opening loss allowance as at 1 Januar
y
4.6
6.1
Increase/(decrease) in loss allowance recognised in the Consolidated Income Statement \u2013 administrative and other
operating expenses
1.3
(1.3)
Receivables written off during the year as uncollectible
(3.7)
(0.2)
Effect of foreign exchange
(0.1)
\u2013
At 31 Decembe
r
2.1
4.6
Borrowings
The following table analyses Group borrowings:
2024 2023
\u00a3m \u00a3m
Current
Bank loans and overdrafts
\u2013
89.4
Non-current
Bank loans and overdrafts
8.4
\u2013
Senior Secured Notes
1,378.9
980.3
Total borrowings
1,387.3
1,069.7
Total borrowings are denominated in the following currencies, converted into sterling at the year end exchange rates:
2024 2023
\u00a3m \u00a3m
Sterling
561.1
89.4
US dollar
826.2
980.3
Total borrowings
1,387.3
1,069.7
Current borrowings
The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account
with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December
2024 or 31 December 2023. The facility remains available until at least 19 March 2027.
Non-current borrowings
The Group has a RCF attached to the SSNs. The carrying amount net of unamortised arrangement fees relating to the RCF at 31 December 2024 was \u00a38.4m
(2023: \u00a389.4m). At 31 December 2024 \u00a310.0m of the \u00a3170.0m RCF was drawn as cash (2023: \u00a390.0m of the \u00a399.6m facility). A further \u00a33.8m was utilised by
way of financial guarantees (2023: \u00a34.4m). The Group has a contractual right to rollover the RCF such that contractual repayment is not required until at least
12 months after the year end date.
In March 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. Additional US Dollar and Sterling notes were issued in August 2024
and further Sterling notes were issued in November 2024. These notes are repayable in March 2029. At 31 December 2024, the Group held \u00a31,378.9m of
SSNs comprising \u00a3565.0m (nominal value) of Sterling SSNs at 10.375% cash interest and $1,050.0m (nominal value) of US Dollar Notes at 10.0% cash interest.
Transaction costs and discounts on issuance are amortised using the effective interest rate. Transaction costs capitalised on the new note issuances in 2024
were \u00a324.0m and discounts totalled \u00a34.7m, of which \u00a320.0m and \u00a34.5m remains unamortised as at 31 December 2024.
As at 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs of $1,143.7m at 10.5% cash interest and Second Lien SSNs of $121.7m
at 8.89% cash interest and 6.11% payment-in-kind (\u2018PIK\u2019) interest respectively. The Second Lien Notes were issued at a 2% discount and included detachable
share warrants which remain exercisable after the 2024 refinancing (see above). The redemption of the First Lien and Second Lien SSNs in the year ended
31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in one off premium costs and the acceleration
of transaction costs and discounts (see note 5).
Derivative option over own shares
The Second Lien SSNs issued in 2020 included detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the Company
at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant holders have the right to exchange
their warrant options for a reduced number of warrant shares, resulting in no cash being paid to receive the shares. The ratio at which this exchange
can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at 31 December 2020
due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value through the
Consolidated Income Statement.
The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to assess
separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict the behaviour of
the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a derivative forward at fair value
with changes in the fair value being recognised in the Consolidated Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial
valuation of \u00a334.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt was increased via an
effective interest charge over the term to the repayment of the SSNs. During the year ended 31 December 2024, changes to the fair value of the derivative
option have resulted in a credit to the Consolidated Income Statement of \u00a318.1m (2023: \u00a319.0m debit to the Consolidated Income Statement) which is
presented in adjusting items. During the year ended 31 December 2024, a total of nil (2023: 29,969,927 warrants) were exercised, resulting in no further
change to the associated liability (2023: resulting in a \u00a318.6m reduction to the liability).
Interest rate risk
The Group is exposed to interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC when drawn, whereby Chinese renminbi
are deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate charged on both
facilities is based on SONIA and compounded in arrears.
Profile
At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2024 2023
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
1,378.9
980.3
Variable rate instruments
Financial liabilities
8.4
89.4
The SSNs, are at fixed interest rates. The rate of interest on the RCF, which is attached to the SSNs, and the bilateral RCF are based on SONIA plus a percentage
spread. As SONIA varies on a daily basis both the RCF and bilateral RCF are considered to be variable rate instruments. The bilateral RCF is not drawn at either
31 December 2024 or 31 December 2023.
In 2024 and 2023, the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The interest charged
on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of entering into the arrangement.
The repayment terms of this arrangement are not in excess of 270 days.
Surplus cash funds, when appropriate, are placed on deposit and attract interest at variable rates.
Interest rate risks \u2013 sensitivity
The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax to a reasonably possible change in interest
rates on the bilateral RCF with HSBC and the RCF attached to the SSNs.
2024 2023
\u00a3m \u00a3m
Increase/ Effect Effect
(decrease) in on loss on loss
interest rate after tax after tax
SONIA
3.00%
(0.2)
(2.1)
SONIA
(3.00)%
0.2
2.1
Foreign currency exposure
The Group\u2019s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter-Group sales), Chinese renminbi
sales, Japanese yen sales and Euro denominated purchases.
At 31 December 2024, the Group hedged 31% for 2025 (2023: 25% for 2024) of its US dollar denominated highly probable inter-Group sales, 32% for 2025
of its Japanese yen sales (2023: 53% for 2024) and 25% of its Euro denominated purchases for 2025 (2023: 0% for 2024). These foreign currency risks are
hedged by using foreign currency forward contracts.
The Group\u2019s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above) denominated in foreign currencies at
31 December were:
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables (excluding prepayments)
80.6
15.4
7.8
26.0
11.6
141.4
Foreign currency contracts
\u2013
\u2013
\u2013
1.0
\u2013
1.0
Cash balances
38.9
113.4
14.7
9.9
6.9
183.8
119.5
128.8
22.5
36.9
18.5
326.2
Financial liabilities
Trade and other payables
(183.1)
(133.8)
(5.8)
(10.6)
(2.0)
(335.3)
Lease liabilities
(1.2)
(6.8)
\u2013
(2.3)
\u2013
(10.3)
Customer deposits and advances
(23.3)
(38.1)
(4.2)
(5.6)
(4.9)
(76.1)
Foreign currency contracts
(1.7)
(3.9)
\u2013
\u2013
\u2013
(5.6)
(209.3)
(182.6)
(10.0)
(18.5)
(6.9)
(427.3)
Net balance sheet exposure
(89.8)
(53.8)
12.5
18.4
11.6
(101.1)
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
94.8
22.2
38.8
41.2
17.2
214.2
Foreign currency contracts
\u2013
3.3
\u2013
\u2013
\u2013
3.3
Cash balances
38.7
166.5
21.6
15.9
6.5
249.2
133.5
192.0
60.4
57.1
23.7
466.7
Financial liabilities
Trade and other payables
(172.5)
(274.0)
(27.6)
(16.3)
(11.6)
(502.0)
Lease liabilities
(2.0)
(7.7)
(0.3)
(3.4)
\u2013
(13.4)
Customer deposits and advances
(33.8)
(54.6)
(5.6)
(7.4)
(8.7)
(110.1)
Foreign currency contracts
\u2013
\u2013
\u2013
(2.1)
\u2013
(2.1)
(208.3)
(336.3)
(33.5)
(29.2)
(20.3)
(627.6)
Net balance sheet exposure
(74.8)
(144.3)
26.9
27.9
3.4
(160.9)
The following significant exchange rates applied during the year and at the year end date:
Average rate Average rate Closing rate Closing rate
2024 2023 2024 2023
Euro
1.18
1.15
1.21
1.15
Chinese renminbi
9.19
8.75
9.14
9.04
US dollar
1.29
1.23
1.25
1.27
Japanese yen
191.53
172.09
196.83
179.72
Currency risk \u2013 sensitivity
The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other variables
held constant, of the Group\u2019s result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the US dollar or Euro
exposures are used as hedging instruments.
Effect on result Effect on result
(Increase)/ after tax after tax
decrease 2024 2023
in rate \u00a3m \u00a3m
US dollar
-5%
(9.6)
(7.3)
US dollar
5%
8.7
8.1
Euro
-5%
10.8
8.5
Euro
5%
(11.9)
(9.4)
Chinese renminbi
-5%
(1.5)
(0.3)
Chinese renminbi
5%
1.7
0.4
Japanese yen
-5%
(4.1)
(3.4)
Japanese yen
5%
4.5
3.8
$1,050.0m and \u00a3565.0m Senior Secured Notes
During 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. At 31 December 2024 the Group had not hedged the new SSNs.
The notes issued in 2024 replaced the notes in issuance at 31 December 2023, which were repaid in March 2024. These notes were also unhedged.
Foreign currency gains/(losses) on the US dollar denominated SSNs, due to exchange rate movements between the US dollar and sterling, are charged to the
Consolidated Income Statement within finance income/(expense). A corresponding change in the translated sterling value of these SSNs is reflected in the
Consolidated Statement of Financial Position.
$400m Senior Secured Notes
The Group had designated $400m of historic SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already
hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the
forecast transactions were still expected to occur, the amount accumulated in the cash flow hedge reserve at the repayment date was fully released to the
Consolidated Income Statement in line with the profile of the US dollar sales to which it related, ending in 2023.
Hedge accounting
The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material
parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of foreign currency forward contracts to
manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of historic
fully repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together,
these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income
Statement, and in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined
rates. The Group hedges significant foreign currency exposures as follows:
\u2013 Firstly, when practical, with foreign currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year
end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged
increases as the time to maturity of the foreign currency exposure reduces.
\u2013 Secondly, the Group has designated $400m of historic fully repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US
dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020. The Group currently has no active foreign
currency forward contract cash flow hedges beyond 2025. The Group does not mitigate all transactional foreign currency exposures, with the unhedged
proportion converted at exchange rates prevailing on the date of the transaction.
Derivative financial instruments
Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot
element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as
highly probable forecast net sales or purchases denominated in foreign currencies.
Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value
of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other
Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive
Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the
gain or loss on the hedging instrument and is recorded immediately in the Consolidated Income Statement.
$400m Senior Secured Notes
The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year end or
repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly
probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1, the value of the hedging instrument matches the value
of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through
Other Comprehensive Income into the hedge reserve instead of within finance income/(expense).
When the value of the hedging instrument is greater than the value of the hedged item, the excess portion is recognised as ineffective and is recorded
immediately to finance expense in the Consolidated Income Statement.
The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the
hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Consolidated Income
Statement in 2023 are recorded in cost of sales. There were no amounts reclassified to the Consolidated Income Statement in 2024. Any ineffective amounts
relating to the $400m SSNs would have been recorded as finance expense in the Consolidated Income Statement. There were no ineffective amounts in either
2024 or 2023.
When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is
no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then
the accumulated amount in cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows
occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the
Consolidated Income Statement as a reclassification adjustment.
Main sources of hedge ineffectiveness
Other than previously described, in relation only to foreign currency forward contracts designated as a hedge, the main sources of potential hedge
ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur.
The impact of hedging instruments on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Change in fair Change in fair
value used for value used for
Notional Carrying measuring Notional Carrying measuring
value value ineffectiveness value value ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts \u2013
other financial assets 32.8
1.0
1.0
94.1
3.3
3.3
Foreign exchange forward contracts \u2013
other financial liabilities 244.7
(5.6)
(5.6)
52.9
(2.1)
(2.1)
Foreign exchange forward contracts \u2013 inventory
54.9
2.2
2.2
53.8
\u2013
\u2013
$400m Senior Secured Notes \u2013 hedge instrument
\u2013
\u2013
\u2013
75.2
\u2013
\u2013
Tax on fair value movements recognised in OCI
\u2013
0.5
0.5
\u2013
(0.4)
(0.4)
The impact of hedged items on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Cash flow hedge Cost of hedging Cash flow hedge Cost of hedging
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
(0.5)
(1.9)
1.9
(0.8)
Tax on fair value movements recognised in OCI
0.1
0.4
(0.5)
0.2
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:
Amount
Ineffectiveness reclassified
Total hedging recognised in the Fair value from OCI to
(loss)/gain Consolidated movement the Consolidated
recognised Income Income on cash flow Income Income
in OCI Statement Statement hedges Statement Statement
Year ended 31 December 2024 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(3.6)
\u2013
Cost of sales
\u2013
(3.6)
Cost of sales
Tax on fair value movements recognised in OCI
0.9
\u2013
Cost of sales
\u2013
0.9
Cost of sales
Amount
Total hedging Ineffectiveness Fair value reclassified
(loss)/gain recognised in the movement from OCI to
recognised Consolidated Income on cash flow the Consolidated Income
in OCI Income Statement Statement hedges Income Statement Statement
Year ended 31 December 2023 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(0.8)
\u2013
Cost of sales
0.7
(1.5)
Cost of sales
$400m Senior Secured Notes \u2013 hedge instrument
(3.9)
\u2013
Cost of sales
\u2013
(3.9)
Cost of sales
Tax on fair value movements recognised in OCI
1.2
\u2013
\u2013
(0.2)
1.4
\u2013
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging
instrument. At 31 December 2024 and 2023, there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge
accounting is no longer required.
All hedging instruments recognised by the Group at 31 December 2024 have a maturity date of less than one year.
Liquidity risk
The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow placement of cash
on deposit safely and profitably. During 2024, the Group refinanced its SSNs until March 2029, issued additional notes related to the refinancing and undertook
a share placing and retail offer to strengthen the liquidity of the business.
The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account
with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December
2024 or 31 December 2023. The facility remains available until at least 19 March 2027.
At 31 December 2024 the Group held \u00a31,378.9m of SSNs (2023: \u00a3980.3m). In March 2024, the Group refinanced the existing notes at 31 December 2023 with
\u00a3400.0m of Sterling SSNs and $960.0m of US Dollar SSNs. In August 2024 the Group issued a further \u00a365.0m of Sterling SSNs and $90.0m of US Dollar SSNs.
In December 2024 the Group issued a further \u00a3100.0m of Sterling SSNs. At 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs
of $1,143.7m and Second Lien SSNs of $121.7m. In November 2023, the Group repurchased $121.7m of Second Lien SSNs. The redemption of the First Lien
and Second Lien SSNs in the year ended 31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in
one off premium costs and the acceleration of transaction costs and discounts (see note 5). The Sterling SSNs and US Dollar SSNs in issue at 31 December
2024 are repayable in March 2029. The US dollar amounts have been converted to sterling equivalents for reporting purposes.
Attached to the new SSNs (2023: previous SSNs) is a \u00a3170.0m (2023: \u00a390.6m) RCF of which \u00a310.0m (2023: \u00a390.0m) was drawn in cash at the reporting date.
The amount recorded in the Consolidated Statement of Financial Position is net of unamortised transaction costs. \u00a35.9m (2023: \u00a39.2m) of the RCF has been
reserved for letters of credit and guarantees. The RCF attached to the SSNs is available until December 2028.
As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in limited
numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project, including raw materials and
components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and the position of the
customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At 31 December 2024, the Group
held refundable deposits of \u00a382.1m (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests
reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required to make an equivalent
advanced payment.
The maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
\u2013
\u2013
10.2
\u2013
10.2
Senior Secured Notes
\u2013
\u2013
141.5
1,890.1
\u2013
2,031.6
Trade and other payables
\u2013
377.6
104.3
77.4
0.8
560.1
Refundable customer deposits and advances
82.1
\u2013
\u2013
\u2013
\u2013
82.1
Derivative financial liabilities
Forward exchange contracts
\u2013
0.9
4.7
\u2013
\u2013
5.6
82.1
378.5
250.5
1,977.7
0.8
2,689.6
Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,387.3m (2023: \u00a31,069.7m). The liquidity profile
associated with leases accounted under IFRS 16 is detailed in note 16.
The maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
90.6
\u2013
\u2013
\u2013
90.6
Senior Secured Notes
\u2013
\u2013
102.8
1,133.9
\u2013
1,236.7
Trade and other payables
\u2013
441.5
120.2
79.5
0.8
642.0
Refundable customer deposits and advances
132.8
\u2013
\u2013
\u2013
\u2013
132.8
Derivative financial liabilities
Forward exchange contracts
\u2013
0.3
1.8
\u2013
\u2013
2.1
132.8
532.4
224.8
1,213.4
0.8
2,104.2
Estimation of fair values
As at 31 December 2024
As at 31 December 2023
Nominal value Book value Fair value Nominal value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included in assets
Level 2
Forward foreign exchange contracts
\u2013
1.0
1.0
\u2013
3.3
3.3
Investments
\u2013
50.9
50.9
\u2013
\u2013
\u2013
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
Level 3
Investments
\u2013
\u2013
\u2013
\u2013
18.2
18.2
\u2013
75.1
75.1
\u2013
21.5
21.5
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes
837.7
826.2
820.0
\u2013
\u2013
\u2013
\u00a3465.0m 10.375% GBP Notes
464.6
458.0
458.4
\u2013
\u2013
\u2013
\u00a3100.0m 10.375% GBP Notes*
96.6
94.7
97.6
\u2013
\u2013
\u2013
2023: $1,143.7m 10.5% US dollar
\u2013
\u2013
\u2013
First Lien Notes
897.2
890.0
906.7
2023: $121.7m 15.0% US dollar
\u2013
\u2013
\u2013
Second Lien Split Coupon Notes
95.4
90.3
103.6
Level 2
Forward exchange contracts
\u2013
5.6
5.6
\u2013
2.1
2.1
Derivative option over own shares
33.1
5.0
5.0
33.1
23.1
23.1
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
1,432.0
1,412.7
1,409.8
1,025.7
1,005.5
1,035.5
* The \u00a3100.0m of GBP notes issued in November 2024 have a different ISIN to the other \u00a3465.0m of GBP notes and therefore a different quoted value, hence are presented separately in this table.
Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered
to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows:
\u2013 Level 1 assets and liabilities have inputs observable through quoted prices.
\u2013 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2013 Level 3 assets and liabilities are those with inputs not based on observable market data.
Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the
table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing
models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all valued at amortised cost retranslated
at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted
price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs.
The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (\u201cAMR GP\u201d) (see note 20).
The investment relates to an existing minority shareholding within AMG GP. The fair value of the investment in 2023 was established by applying the
proportion of equity represented by the shareholding to an assessment of the enterprise value of AMR GP, which was then adjusted to reflect marketability
and control commensurate with the size of the investment, and as such was a level 3 asset. As at 31 December 2024, the Group has measured the fair value of
its holding in line with the equity value implied by investments into AMR GP by a number of third parties during 2024. The implied equity value from the
transactions, alongside a continued absence of quoted prices, have led to the investment, being reassessed as a level 2 asset as at 31 December 2024.
The derivative option over own shares reflects the detachable warrants issued alongside the previous Second Lien SSNs (see borrowings section of note 23)
enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated
at each period end, reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise
ratio and risk-free rate.
For all other receivables and payables, the carrying amount is deemed to reflect the fair value.
Capital management
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business.
Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise
shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note, cash and cash equivalents and
equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-735": { "value": "20 OTHER FINANCIAL ASSETS
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value
1.0
3.3
Other derivative contracts
23.2
\u2013
24.2
3.3
Analysed as:
Current
1.0
3.3
Non-current
23.2
\u2013
24.2
3.3
The Group uses forward currency contracts to partly manage the risk associated with fluctuations in exchange rates on future sales and purchase contracts. At the reporting date these cash flow hedges are marked-to-market and any assets are shown as other financial assets in the Consolidated Statement of Financial Position. Other derivative contracts represent the secondary warrant option which entitles the Group to subscribe for additional equity in AMR GP for a fixed value. The secondary warrant option, an embedded derivative, was not recognised upon entering the initial sponsorship contract in March 2020 due to insufficient certainty over the conditions attached to the warrant being achieved. During 2024, the Group further extended its sponsorship contract with AMR GP for a period from 2031 to 2045 giving the Group sufficient certainty to recognise the derivative as a financial asset. The fair value of the option was assessed in the same manner as the Group values its existing investment in AMR GP (see note 15). A corresponding liability was recognised on recognition of the derivative (see note 23) which represents an accrual for that element of future sponsorship payments. The option is exercisable from 1 January 2031. Future movements in the fair value of the derivative will be recognised in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-659": { "value": "
21 TRADE AND OTHER PAYABLES
Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days.
Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m
(2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m).
At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade
and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m
(2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which
\u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control
remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further
interest accrual.
Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025. This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising during 2025. In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23. Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start of the vehicle. Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-747": { "value": "21 TRADE AND OTHER PAYABLES Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m (2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m). At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m (2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which \u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further interest accrual. Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025. This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising during 2025. In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23. Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start of the vehicle. Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-744": { "value": "21 TRADE AND OTHER PAYABLES Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m (2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m). At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m (2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which \u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further interest accrual. Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025. This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising during 2025. In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23. Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start of the vehicle. Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-736": { "value": "21 TRADE AND OTHER PAYABLES Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m (2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m). At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m (2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which \u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further interest accrual. Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025. This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising during 2025. In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23. Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start of the vehicle. Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-716": { "value": "21 TRADE AND OTHER PAYABLES Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m (2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m). At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m (2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which \u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further interest accrual. Contract liabilities Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025. This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising during 2025. In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time. The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23. Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed. Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start of the vehicle. Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12). 22 OTHER FINANCIAL LIABILITIES
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value (see note 23)
5.6
2.1
Other derivatives (see note 20)
23.2
\u2013
Derivative option over own shares (see note 23)
5.0
23.1
33.8
25.2
Analysed as:
Current
10.6
25.2
Non-current
23.2
\u2013
33.8
25.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-695": { "value": "21 TRADE AND OTHER PAYABLES Current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
108.1
143.2
Repurchase liability
38.4
39.7
Customer deposits and advances
96.8
272.1
Accruals and other payables
388.8
356.5
Deferred income \u2013 tax relief
14.3
13.8
Deferred income \u2013 service packages
7.3
4.7
Deferred income - telematics
1.1
\u2013
Deferred income \u2013 other
3.4
10.4
658.2
840.4
Trade payables are non-interest bearing, and it is the Group\u2019s policy to settle the liability within 90 days. Accruals and other payables consist of product development and capital accruals of \u00a3104.3m (2023: \u00a3115.4m), sales and marketing accruals of \u00a398.2m (2023: \u00a370.4m), manufacturing accruals of \u00a338.7m (2023: \u00a344.4m) and administrative and other accruals of \u00a3147.6m (2023: \u00a3126.3m). At 31 December 2024, a repurchase liability of \u00a338.4m (2023: \u00a339.7m) including accrued interest of \u00a30.7m (2023: \u00a31.7m), has been recognised in trade and other payables and net debt (see note 24). In 2024, \u00a362.1m of parts for resale, service parts and production stock (2023: \u00a331.4m) were sold for \u00a374.5m (2023: \u00a338.0m) (gross of indirect tax) and subsequently repurchased. Under this repurchase agreement, the Group will repay a total of \u00a380.0m, of which \u00a340.0m was repaid during the year (2023: \u00a340.0m) (gross of indirect tax). As part of the arrangement, legal title to the parts was surrendered, however, control remained with the Group. During 2024, \u00a340.0m (2023: \u00a340.0m) had been repaid relating to the liability of \u00a339.7m as at 31 December 2023 following further interest accrual.
Contract liabilities
Changes in the Group\u2019s contract liabilities during the year are summarised as follows:
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2024 period revenue recognised changes 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
272.1
55.2
(197.9)
3.7
(36.3)
96.8
Deferred income \u2013 service packages
12.5
14.9
(6.4)
\u2013
(0.3)
20.7
Deferred income - telematics
\u2013
3.6
(0.3)
\u2013
\u2013
3.3
Significant
financing
Additional Amounts component for Amounts
amounts arising recognised which an interest returned At 31
At 1 January during the within charge is and other December
2023 period revenue recognised changes 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer deposits and advances
335.7
122.7
(156.1)
7.7
(37.9)
272.1
Deferred income \u2013 service packages
13.7
4.2
(5.2)
\u2013
(0.2)
12.5
Customer deposits and advances are recognised in revenue when the performance obligation, principally the supply of a Special Vehicle, supply of a core
vehicle, or service of a vehicle, is met by the Group. As part of the operating cycle of Special Vehicle projects, to which these customer deposits primarily
relate, the Group expects to derecognise a significant proportion over the next three years with approximately \u00a357.7m expected to be derecognised in 2025.
This unwind relates to the balance held as at 31 December 2024 and does not take into consideration any additional deposits and advances arising
during 2025.
In the year ended 31 December 2024, a finance expense of \u00a33.7m (see note 8) was recognised as a significant financing component on contract liabilities held
for greater than 12 months (2023: \u00a37.7m). Upon satisfaction of the linked performance obligation, the liability is released to revenue so that the total amount
taken to the Consolidated Income Statement reflects the sales price the customer would have paid for the vehicle at that point in time.
The Group applies a practical expedient for short-term advances received from customers whereby the advanced payment is not adjusted for the effects of
a significant financing component. According to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit
and vehicle specification process, some deposits are contractually refundable. At 31 December 2024, the Group held \u00a382.1m of contractually refundable
deposits (before the impact of significant financing components) (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the
event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer who
is required to make an equivalent advanced payment. The cumulative significant financing component associated with a reimbursed advance payment is
credited in arriving at the net significant finance charge for the year. Further liquidity risk considerations are disclosed in note 23.
Deferred service package revenue is recognised in revenue in the Consolidated Income Statement at the point the obligation of service is carried out or lapsed.
Deferred telematics revenue is recognised in revenue in the Consolidated Income Statement over the length of the service commencing from warranty start
of the vehicle.
Non-current trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables*
77.3
71.7
Deferred income \u2013 tax relief
57.8
42.0
Deferred income \u2013 service packages
13.4
7.8
Deferred income \u2013 telematics
2.2
\u2013
Other payables
0.8
0.8
151.5
122.3
* Trade payables consists of discounted deferred payments relating to technology purchases in the current and previous year (see note 12).
22 OTHER FINANCIAL LIABILITIES
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value (see note 23)
5.6
2.1
Other derivatives (see note 20)
23.2
\u2013
Derivative option over own shares (see note 23)
5.0
23.1
33.8
25.2
Analysed as:
Current
10.6
25.2
Non-current
23.2
\u2013
33.8
25.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-748": { "value": "22 OTHER FINANCIAL LIABILITIES
2024 2023
\u00a3m \u00a3m
Forward currency contracts held at fair value (see note 23)
5.6
2.1
Other derivatives (see note 20)
23.2
\u2013
Derivative option over own shares (see note 23)
5.0
23.1
33.8
25.2
Analysed as:
Current
10.6
25.2
Non-current
23.2
\u2013
33.8
25.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-696": { "value": "
23 FINANCIAL INSTRUMENTS
Group
The Group's principal financial instruments comprise cash and cash equivalents, Senior Secured Notes (\u201cSSNs\u201d), a Revolving Credit Facility (\u201cRCF\u201d), a finished
vehicle financing facility, a bilateral RCF, loan assets, derivative options, and forward currency contracts. Additionally, the Group has trade payables and
trade receivables which arise directly from its operations. Included in trade and other payables is a liability relating to an inventory repurchase arrangement.
These short-term assets and liabilities are included in the currency risk disclosure. The main risks arising from the Group's financial instruments are credit risk,
interest-rate risk, currency risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk
management framework. The Group's risk policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and
controls, and monitor adherence to limits. The Board of Directors oversees how management monitor compliance with the Group risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to specific risks faced by the Group.
Credit risk
The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or
use the wholesale financing scheme (see note 18). Credit risk on receivables purchased by CAAB and Stellantis under the wholesale finance facilities is borne
by CAAB and Stellantis. The Group has no credit risk associated with the CAAB or Stellantis facilities. The Group\u2019s remaining vehicle sales to territories where
there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit
risk insurance policy. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough
consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms.
Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on
collection of the vehicle.
Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is
no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to
engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining
trade and other receivables. The expected credit loss related to default of other receivables (note 18) is assessed as zero.
In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including
consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets
at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables. The Group has no material contract assets.
As at 31 December 2024
As at 31 December 2023
Expected Gross carrying Loss Expected Gross carrying Loss
loss rate amount allowance loss rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
Current *
99.7
\u2013 *
180.1
\u2013
1 \u2013 30 days past due *
7.5
\u2013 *
28.2
\u2013
31 \u2013 60 days past due *
15.4
\u2013 *
3.7
\u2013
61+ days past due
42.0%
5.0
2.1
52.2%
8.8
4.6
127.6
2.1
220.8
4.6
* The expected loss rates for these specific ageing categories are not disclosed, as no material loss allowance is generated when applied against the gross carrying value. The expected loss rate
has reduced following the settlement of previously provided receivables.
23 FINANCIAL INSTRUMENTS CONTINUED Credit risk continued
2024 2023
\u00a3m \u00a3m
Opening loss allowance as at 1 Januar
y
4.6
6.1
Increase/(decrease) in loss allowance recognised in the Consolidated Income Statement \u2013 administrative and other
operating expenses
1.3
(1.3)
Receivables written off during the year as uncollectible
(3.7)
(0.2)
Effect of foreign exchange
(0.1)
\u2013
At 31 Decembe
r
2.1
4.6
Borrowings The following table analyses Group borrowings:
2024 2023
\u00a3m \u00a3m
Current
Bank loans and overdrafts
\u2013
89.4
Non-current
Bank loans and overdrafts
8.4
\u2013
Senior Secured Notes
1,378.9
980.3
Total borrowings
1,387.3
1,069.7
Total borrowings are denominated in the following currencies, converted into sterling at the year end exchange rates:
2024 2023
\u00a3m \u00a3m
Sterling
561.1
89.4
US dollar
826.2
980.3
Total borrowings
1,387.3
1,069.7
Current borrowings The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December 2024 or 31 December 2023. The facility remains available until at least 19 March 2027. Non-current borrowings The Group has a RCF attached to the SSNs. The carrying amount net of unamortised arrangement fees relating to the RCF at 31 December 2024 was \u00a38.4m (2023: \u00a389.4m). At 31 December 2024 \u00a310.0m of the \u00a3170.0m RCF was drawn as cash (2023: \u00a390.0m of the \u00a399.6m facility). A further \u00a33.8m was utilised by way of financial guarantees (2023: \u00a34.4m). The Group has a contractual right to rollover the RCF such that contractual repayment is not required until at least 12 months after the year end date. In March 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. Additional US Dollar and Sterling notes were issued in August 2024 and further Sterling notes were issued in November 2024. These notes are repayable in March 2029. At 31 December 2024, the Group held \u00a31,378.9m of SSNs comprising \u00a3565.0m (nominal value) of Sterling SSNs at 10.375% cash interest and $1,050.0m (nominal value) of US Dollar Notes at 10.0% cash interest. Transaction costs and discounts on issuance are amortised using the effective interest rate. Transaction costs capitalised on the new note issuances in 2024 were \u00a324.0m and discounts totalled \u00a34.7m, of which \u00a320.0m and \u00a34.5m remains unamortised as at 31 December 2024. As at 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs of $1,143.7m at 10.5% cash interest and Second Lien SSNs of $121.7m at 8.89% cash interest and 6.11% payment-in-kind (\u2018PIK\u2019) interest respectively. The Second Lien Notes were issued at a 2% discount and included detachable share warrants which remain exercisable after the 2024 refinancing (see above). The redemption of the First Lien and Second Lien SSNs in the year ended 31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in one off premium costs and the acceleration of transaction costs and discounts (see note 5). Derivative option over own shares The Second Lien SSNs issued in 2020 included detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the Company at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant holders have the right to exchange their warrant options for a reduced number of warrant shares, resulting in no cash being paid to receive the shares. The ratio at which this exchange can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at 31 December 2020 due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value through the Consolidated Income Statement. The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict the behaviour of the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a derivative forward at fair value with changes in the fair value being recognised in the Consolidated Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial valuation of \u00a334.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt was increased via an effective interest charge over the term to the repayment of the SSNs. During the year ended 31 December 2024, changes to the fair value of the derivative option have resulted in a credit to the Consolidated Income Statement of \u00a318.1m (2023: \u00a319.0m debit to the Consolidated Income Statement) which is presented in adjusting items. During the year ended 31 December 2024, a total of nil (2023: 29,969,927 warrants) were exercised, resulting in no further change to the associated liability (2023: resulting in a \u00a318.6m reduction to the liability). Interest rate risk The Group is exposed to interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC when drawn, whereby Chinese renminbi are deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate charged on both facilities is based on SONIA and compounded in arrears. Profile At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2024 2023
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
1,378.9
980.3
Variable rate instruments
Financial liabilities
8.4
89.4
The SSNs, are at fixed interest rates. The rate of interest on the RCF, which is attached to the SSNs, and the bilateral RCF are based on SONIA plus a percentage spread. As SONIA varies on a daily basis both the RCF and bilateral RCF are considered to be variable rate instruments. The bilateral RCF is not drawn at either 31 December 2024 or 31 December 2023. In 2024 and 2023, the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The interest charged on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of entering into the arrangement. The repayment terms of this arrangement are not in excess of 270 days. Surplus cash funds, when appropriate, are placed on deposit and attract interest at variable rates. Interest rate risks \u2013 sensitivity The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax to a reasonably possible change in interest rates on the bilateral RCF with HSBC and the RCF attached to the SSNs.
2024 2023
\u00a3m \u00a3m
Increase/ Effect Effect
(decrease) in on loss on loss
interest rate after tax after tax
SONIA
3.00%
(0.2)
(2.1)
SONIA
(3.00)%
0.2
2.1
Foreign currency exposure The Group\u2019s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter-Group sales), Chinese renminbi sales, Japanese yen sales and Euro denominated purchases. At 31 December 2024, the Group hedged 31% for 2025 (2023: 25% for 2024) of its US dollar denominated highly probable inter-Group sales, 32% for 2025 of its Japanese yen sales (2023: 53% for 2024) and 25% of its Euro denominated purchases for 2025 (2023: 0% for 2024). These foreign currency risks are hedged by using foreign currency forward contracts. The Group\u2019s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above) denominated in foreign currencies at 31 December were:
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables (excluding prepayments)
80.6
15.4
7.8
26.0
11.6
141.4
Foreign currency contracts
\u2013
\u2013
\u2013
1.0
\u2013
1.0
Cash balances
38.9
113.4
14.7
9.9
6.9
183.8
119.5
128.8
22.5
36.9
18.5
326.2
Financial liabilities
Trade and other payables
(183.1)
(133.8)
(5.8)
(10.6)
(2.0)
(335.3)
Lease liabilities
(1.2)
(6.8)
\u2013
(2.3)
\u2013
(10.3)
Customer deposits and advances
(23.3)
(38.1)
(4.2)
(5.6)
(4.9)
(76.1)
Foreign currency contracts
(1.7)
(3.9)
\u2013
\u2013
\u2013
(5.6)
(209.3)
(182.6)
(10.0)
(18.5)
(6.9)
(427.3)
Net balance sheet exposure
(89.8)
(53.8)
12.5
18.4
11.6
(101.1)
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
94.8
22.2
38.8
41.2
17.2
214.2
Foreign currency contracts
\u2013
3.3
\u2013
\u2013
\u2013
3.3
Cash balances
38.7
166.5
21.6
15.9
6.5
249.2
133.5
192.0
60.4
57.1
23.7
466.7
Financial liabilities
Trade and other payables
(172.5)
(274.0)
(27.6)
(16.3)
(11.6)
(502.0)
Lease liabilities
(2.0)
(7.7)
(0.3)
(3.4)
\u2013
(13.4)
Customer deposits and advances
(33.8)
(54.6)
(5.6)
(7.4)
(8.7)
(110.1)
Foreign currency contracts
\u2013
\u2013
\u2013
(2.1)
\u2013
(2.1)
(208.3)
(336.3)
(33.5)
(29.2)
(20.3)
(627.6)
Net balance sheet exposure
(74.8)
(144.3)
26.9
27.9
3.4
(160.9)
The following significant exchange rates applied during the year and at the year end date:
Average rate Average rate Closing rate Closing rate
2024 2023 2024 2023
Euro
1.18
1.15
1.21
1.15
Chinese renminbi
9.19
8.75
9.14
9.04
US dollar
1.29
1.23
1.25
1.27
Japanese yen
191.53
172.09
196.83
179.72
Currency risk \u2013 sensitivity The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other variables held constant, of the Group\u2019s result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the US dollar or Euro exposures are used as hedging instruments.
Effect on result Effect on result
(Increase)/ after tax after tax
decrease 2024 2023
in rate \u00a3m \u00a3m
US dollar
-5%
(9.6)
(7.3)
US dollar
5%
8.7
8.1
Euro
-5%
10.8
8.5
Euro
5%
(11.9)
(9.4)
Chinese renminbi
-5%
(1.5)
(0.3)
Chinese renminbi
5%
1.7
0.4
Japanese yen
-5%
(4.1)
(3.4)
Japanese yen
5%
4.5
3.8
$1,050.0m and \u00a3565.0m Senior Secured Notes During 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. At 31 December 2024 the Group had not hedged the new SSNs. The notes issued in 2024 replaced the notes in issuance at 31 December 2023, which were repaid in March 2024. These notes were also unhedged. Foreign currency gains/(losses) on the US dollar denominated SSNs, due to exchange rate movements between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense). A corresponding change in the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position. $400m Senior Secured Notes The Group had designated $400m of historic SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions were still expected to occur, the amount accumulated in the cash flow hedge reserve at the repayment date was fully released to the Consolidated Income Statement in line with the profile of the US dollar sales to which it related, ending in 2023. Hedge accounting The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of foreign currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of historic fully repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together, these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement, and in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows: \u2013 Firstly, when practical, with foreign currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces. \u2013 Secondly, the Group has designated $400m of historic fully repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020. The Group currently has no active foreign currency forward contract cash flow hedges beyond 2025. The Group does not mitigate all transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction. Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Consolidated Income Statement. $400m Senior Secured Notes The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year end or repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1, the value of the hedging instrument matches the value of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income into the hedge reserve instead of within finance income/(expense). When the value of the hedging instrument is greater than the value of the hedged item, the excess portion is recognised as ineffective and is recorded immediately to finance expense in the Consolidated Income Statement. The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Consolidated Income Statement in 2023 are recorded in cost of sales. There were no amounts reclassified to the Consolidated Income Statement in 2024. Any ineffective amounts relating to the $400m SSNs would have been recorded as finance expense in the Consolidated Income Statement. There were no ineffective amounts in either 2024 or 2023. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Consolidated Income Statement as a reclassification adjustment. Main sources of hedge ineffectiveness Other than previously described, in relation only to foreign currency forward contracts designated as a hedge, the main sources of potential hedge ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur. The impact of hedging instruments on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Change in fair Change in fair
value used for value used for
Notional Carrying measuring Notional Carrying measuring
value value ineffectiveness value value ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts \u2013
other financial assets 32.8
1.0
1.0
94.1
3.3
3.3
Foreign exchange forward contracts \u2013
other financial liabilities 244.7
(5.6)
(5.6)
52.9
(2.1)
(2.1)
Foreign exchange forward contracts \u2013 inventory
54.9
2.2
2.2
53.8
\u2013
\u2013
$400m Senior Secured Notes \u2013 hedge instrument
\u2013
\u2013
\u2013
75.2
\u2013
\u2013
Tax on fair value movements recognised in OCI
\u2013
0.5
0.5
\u2013
(0.4)
(0.4)
The impact of hedged items on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Cash flow hedge Cost of hedging Cash flow hedge Cost of hedging
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
(0.5)
(1.9)
1.9
(0.8)
Tax on fair value movements recognised in OCI
0.1
0.4
(0.5)
0.2
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:
Amount
Ineffectiveness reclassified
Total hedging recognised in the Fair value from OCI to
(loss)/gain Consolidated movement the Consolidated
recognised Income Income on cash flow Income Income
in OCI Statement Statement hedges Statement Statement
Year ended 31 December 2024 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(3.6)
\u2013
Cost of sales
\u2013
(3.6)
Cost of sales
Tax on fair value movements recognised in OCI
0.9
\u2013
Cost of sales
\u2013
0.9
Cost of sales
Amount
Total hedging Ineffectiveness Fair value reclassified
(loss)/gain recognised in the movement from OCI to
recognised Consolidated Income on cash flow the Consolidated Income
in OCI Income Statement Statement hedges Income Statement Statement
Year ended 31 December 2023 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(0.8)
\u2013
Cost of sales
0.7
(1.5)
Cost of sales
$400m Senior Secured Notes \u2013 hedge instrument
(3.9)
\u2013
Cost of sales
\u2013
(3.9)
Cost of sales
Tax on fair value movements recognised in OCI
1.2
\u2013
\u2013
(0.2)
1.4
\u2013
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging instrument. At 31 December 2024 and 2023, there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer required. All hedging instruments recognised by the Group at 31 December 2024 have a maturity date of less than one year. Liquidity risk The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow placement of cash on deposit safely and profitably. During 2024, the Group refinanced its SSNs until March 2029, issued additional notes related to the refinancing and undertook a share placing and retail offer to strengthen the liquidity of the business. The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December 2024 or 31 December 2023. The facility remains available until at least 19 March 2027. At 31 December 2024 the Group held \u00a31,378.9m of SSNs (2023: \u00a3980.3m). In March 2024, the Group refinanced the existing notes at 31 December 2023 with \u00a3400.0m of Sterling SSNs and $960.0m of US Dollar SSNs. In August 2024 the Group issued a further \u00a365.0m of Sterling SSNs and $90.0m of US Dollar SSNs. In December 2024 the Group issued a further \u00a3100.0m of Sterling SSNs. At 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs of $1,143.7m and Second Lien SSNs of $121.7m. In November 2023, the Group repurchased $121.7m of Second Lien SSNs. The redemption of the First Lien and Second Lien SSNs in the year ended 31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in one off premium costs and the acceleration of transaction costs and discounts (see note 5). The Sterling SSNs and US Dollar SSNs in issue at 31 December 2024 are repayable in March 2029. The US dollar amounts have been converted to sterling equivalents for reporting purposes. Attached to the new SSNs (2023: previous SSNs) is a \u00a3170.0m (2023: \u00a390.6m) RCF of which \u00a310.0m (2023: \u00a390.0m) was drawn in cash at the reporting date. The amount recorded in the Consolidated Statement of Financial Position is net of unamortised transaction costs. \u00a35.9m (2023: \u00a39.2m) of the RCF has been reserved for letters of credit and guarantees. The RCF attached to the SSNs is available until December 2028. As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project, including raw materials and components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At 31 December 2024, the Group held refundable deposits of \u00a382.1m (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required to make an equivalent advanced payment. The maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
\u2013
\u2013
10.2
\u2013
10.2
Senior Secured Notes
\u2013
\u2013
141.5
1,890.1
\u2013
2,031.6
Trade and other payables
\u2013
377.6
104.3
77.4
0.8
560.1
Refundable customer deposits and advances
82.1
\u2013
\u2013
\u2013
\u2013
82.1
Derivative financial liabilities
Forward exchange contracts
\u2013
0.9
4.7
\u2013
\u2013
5.6
82.1
378.5
250.5
1,977.7
0.8
2,689.6
Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,387.3m (2023: \u00a31,069.7m). The liquidity profile associated with leases accounted under IFRS 16 is detailed in note 16. The maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
90.6
\u2013
\u2013
\u2013
90.6
Senior Secured Notes
\u2013
\u2013
102.8
1,133.9
\u2013
1,236.7
Trade and other payables
\u2013
441.5
120.2
79.5
0.8
642.0
Refundable customer deposits and advances
132.8
\u2013
\u2013
\u2013
\u2013
132.8
Derivative financial liabilities
Forward exchange contracts
\u2013
0.3
1.8
\u2013
\u2013
2.1
132.8
532.4
224.8
1,213.4
0.8
2,104.2
Estimation of fair values
As at 31 December 2024
As at 31 December 2023
Nominal value Book value Fair value Nominal value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included in assets
Level 2
Forward foreign exchange contracts
\u2013
1.0
1.0
\u2013
3.3
3.3
Investments
\u2013
50.9
50.9
\u2013
\u2013
\u2013
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
Level 3
Investments
\u2013
\u2013
\u2013
\u2013
18.2
18.2
\u2013
75.1
75.1
\u2013
21.5
21.5
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes
837.7
826.2
820.0
\u2013
\u2013
\u2013
\u00a3465.0m 10.375% GBP Notes
464.6
458.0
458.4
\u2013
\u2013
\u2013
\u00a3100.0m 10.375% GBP Notes*
96.6
94.7
97.6
\u2013
\u2013
\u2013
2023: $1,143.7m 10.5% US dollar
\u2013
\u2013
\u2013
First Lien Notes
897.2
890.0
906.7
2023: $121.7m 15.0% US dollar
\u2013
\u2013
\u2013
Second Lien Split Coupon Notes
95.4
90.3
103.6
Level 2
Forward exchange contracts
\u2013
5.6
5.6
\u2013
2.1
2.1
Derivative option over own shares
33.1
5.0
5.0
33.1
23.1
23.1
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
1,432.0
1,412.7
1,409.8
1,025.7
1,005.5
1,035.5
* The \u00a3100.0m of GBP notes issued in November 2024 have a different ISIN to the other \u00a3465.0m of GBP notes and therefore a different quoted value, hence are presented separately in this table. Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2013 Level 1 assets and liabilities have inputs observable through quoted prices. \u2013 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all valued at amortised cost retranslated at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (\u201cAMR GP\u201d) (see note 20). The investment relates to an existing minority shareholding within AMG GP. The fair value of the investment in 2023 was established by applying the proportion of equity represented by the shareholding to an assessment of the enterprise value of AMR GP, which was then adjusted to reflect marketability and control commensurate with the size of the investment, and as such was a level 3 asset. As at 31 December 2024, the Group has measured the fair value of its holding in line with the equity value implied by investments into AMR GP by a number of third parties during 2024. The implied equity value from the transactions, alongside a continued absence of quoted prices, have led to the investment, being reassessed as a level 2 asset as at 31 December 2024. The derivative option over own shares reflects the detachable warrants issued alongside the previous Second Lien SSNs (see borrowings section of note 23) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end, reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk-free rate. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business. Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note, cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-717": { "value": "Credit risk The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or use the wholesale financing scheme (see note 18). Credit risk on receivables purchased by CAAB and Stellantis under the wholesale finance facilities is borne by CAAB and Stellantis. The Group has no credit risk associated with the CAAB or Stellantis facilities. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 18) is assessed as zero. In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group has no material contract assets.
As at 31 December 2024
As at 31 December 2023
Expected Gross carrying Loss Expected Gross carrying Loss
loss rate amount allowance loss rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
Current *
99.7
\u2013 *
180.1
\u2013
1 \u2013 30 days past due *
7.5
\u2013 *
28.2
\u2013
31 \u2013 60 days past due *
15.4
\u2013 *
3.7
\u2013
61+ days past due
42.0%
5.0
2.1
52.2%
8.8
4.6
127.6
2.1
220.8
4.6
* The expected loss rates for these specific ageing categories are not disclosed, as no material loss allowance is generated when applied against the gross carrying value. The expected loss rate has reduced following the settlement of previously provided receivables.
2024 2023
\u00a3m \u00a3m
Opening loss allowance as at 1 Januar
y
4.6
6.1
Increase/(decrease) in loss allowance recognised in the Consolidated Income Statement \u2013 administrative and other
operating expenses
1.3
(1.3)
Receivables written off during the year as uncollectible
(3.7)
(0.2)
Effect of foreign exchange
(0.1)
\u2013
At 31 Decembe
r
2.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-737": { "value": "Credit risk The Group sells vehicles through a global dealer network. Dealers outside of North America are required to pay for vehicles in advance of their despatch or use the wholesale financing scheme (see note 18). Credit risk on receivables purchased by CAAB and Stellantis under the wholesale finance facilities is borne by CAAB and Stellantis. The Group has no credit risk associated with the CAAB or Stellantis facilities. The Group\u2019s remaining vehicle sales to territories where there is currently no wholesale financing are made on credit terms ranging from 30 to 180 days. The Group manages the default risk of such sales via a credit risk insurance policy. Dealers within North America are allowed ten-day credit terms from the date of invoice. In certain circumstances, after thorough consideration of the credit history of an individual dealer, the Group may sell vehicles outside of the credit risk insurance policy or on deferred payment terms. Parts sales, which represent a smaller element of total revenue, are made to dealers on net 30-day credit terms. Servicing receivables are due for payment on collection of the vehicle. Trade and other receivables are only written off when the Group has exhausted all options to recover the amounts due and provided for in full when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. An expected credit loss provision is then calculated on the remaining trade and other receivables. The expected credit loss related to default of other receivables (note 18) is assessed as zero. In generating the expected credit loss provision for trade receivables, historical credit loss rates for the preceding five years are calculated, including consideration given to future factors that may affect the ability of customers to settle receivables, and applied to the trade and other receivable ageing buckets at the year end. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group has no material contract assets.
As at 31 December 2024
As at 31 December 2023
Expected Gross carrying Loss Expected Gross carrying Loss
loss rate amount allowance loss rate amount allowance
% \u00a3m \u00a3m % \u00a3m \u00a3m
Current *
99.7
\u2013 *
180.1
\u2013
1 \u2013 30 days past due *
7.5
\u2013 *
28.2
\u2013
31 \u2013 60 days past due *
15.4
\u2013 *
3.7
\u2013
61+ days past due
42.0%
5.0
2.1
52.2%
8.8
4.6
127.6
2.1
220.8
4.6
* The expected loss rates for these specific ageing categories are not disclosed, as no material loss allowance is generated when applied against the gross carrying value. The expected loss rate has reduced following the settlement of previously provided receivables.
2024 2023
\u00a3m \u00a3m
Opening loss allowance as at 1 Januar
y
4.6
6.1
Increase/(decrease) in loss allowance recognised in the Consolidated Income Statement \u2013 administrative and other
operating expenses
1.3
(1.3)
Receivables written off during the year as uncollectible
(3.7)
(0.2)
Effect of foreign exchange
(0.1)
\u2013
At 31 Decembe
r
2.1
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-718": { "value": "Borrowings The following table analyses Group borrowings:
2024 2023
\u00a3m \u00a3m
Current
Bank loans and overdrafts
\u2013
89.4
Non-current
Bank loans and overdrafts
8.4
\u2013
Senior Secured Notes
1,378.9
980.3
Total borrowings
1,387.3
1,069.7
Total borrowings are denominated in the following currencies, converted into sterling at the year end exchange rates:
2024 2023
\u00a3m \u00a3m
Sterling
561.1
89.4
US dollar
826.2
980.3
Total borrowings
1,387.3
1,069.7
Current borrowings The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December 2024 or 31 December 2023. The facility remains available until at least 19 March 2027. Non-current borrowings The Group has a RCF attached to the SSNs. The carrying amount net of unamortised arrangement fees relating to the RCF at 31 December 2024 was \u00a38.4m (2023: \u00a389.4m). At 31 December 2024 \u00a310.0m of the \u00a3170.0m RCF was drawn as cash (2023: \u00a390.0m of the \u00a399.6m facility). A further \u00a33.8m was utilised by way of financial guarantees (2023: \u00a34.4m). The Group has a contractual right to rollover the RCF such that contractual repayment is not required until at least 12 months after the year end date. In March 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. Additional US Dollar and Sterling notes were issued in August 2024 and further Sterling notes were issued in November 2024. These notes are repayable in March 2029. At 31 December 2024, the Group held \u00a31,378.9m of SSNs comprising \u00a3565.0m (nominal value) of Sterling SSNs at 10.375% cash interest and $1,050.0m (nominal value) of US Dollar Notes at 10.0% cash interest. Transaction costs and discounts on issuance are amortised using the effective interest rate. Transaction costs capitalised on the new note issuances in 2024 were \u00a324.0m and discounts totalled \u00a34.7m, of which \u00a320.0m and \u00a34.5m remains unamortised as at 31 December 2024. As at 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs of $1,143.7m at 10.5% cash interest and Second Lien SSNs of $121.7m at 8.89% cash interest and 6.11% payment-in-kind (\u2018PIK\u2019) interest respectively. The Second Lien Notes were issued at a 2% discount and included detachable share warrants which remain exercisable after the 2024 refinancing (see above). The redemption of the First Lien and Second Lien SSNs in the year ended 31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in one off premium costs and the acceleration of transaction costs and discounts (see note 5). Derivative option over own shares The Second Lien SSNs issued in 2020 included detachable warrants enabling the warrant holders to subscribe for a number of ordinary shares in the Company at the subscription price of \u00a31.67 (previously \u00a310 per share prior to the rights issue in September 2022). The warrant holders have the right to exchange their warrant options for a reduced number of warrant shares, resulting in no cash being paid to receive the shares. The ratio at which this exchange can be transacted is determined by the share price at execution of the options. A derivative option liability was initially recorded at 31 December 2020 due to the uncertain number of shares which will be issued under the agreement, which is subsequently remeasured at fair value through the Consolidated Income Statement. The warrants can be exercised from 1 July 2021 through to 7 December 2027. The issuance of debt with attached warrants required the Group to assess separately the fair value of the warrants and the debt. The fair value of the warrants was determined using a binomial model used to predict the behaviour of the warrant holders and when they might exercise their holdings. The derivative option liability was initially recognised as a derivative forward at fair value with changes in the fair value being recognised in the Consolidated Income Statement until issuance of the warrants on 7 December 2020 resulting in an initial valuation of \u00a334.6m. Upon issuance of the $335m SSNs, the carrying value of the debt was reduced by the same amount. The debt was increased via an effective interest charge over the term to the repayment of the SSNs. During the year ended 31 December 2024, changes to the fair value of the derivative option have resulted in a credit to the Consolidated Income Statement of \u00a318.1m (2023: \u00a319.0m debit to the Consolidated Income Statement) which is presented in adjusting items. During the year ended 31 December 2024, a total of nil (2023: 29,969,927 warrants) were exercised, resulting in no further change to the associated liability (2023: resulting in a \u00a318.6m reduction to the liability). Interest rate risk The Group is exposed to interest rate risk on the RCF attached to the SSNs and on the bilateral RCF facility with HSBC when drawn, whereby Chinese renminbi are deposited in a restricted account with HSBC in China in exchange for a sterling overdraft facility with HSBC in the UK. The interest rate charged on both facilities is based on SONIA and compounded in arrears. Profile At 31 December the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
2024 2023
\u00a3m \u00a3m
Fixed rate instruments
Financial liabilities
1,378.9
980.3
Variable rate instruments
Financial liabilities
8.4
89.4
The SSNs, are at fixed interest rates. The rate of interest on the RCF, which is attached to the SSNs, and the bilateral RCF are based on SONIA plus a percentage spread. As SONIA varies on a daily basis both the RCF and bilateral RCF are considered to be variable rate instruments. The bilateral RCF is not drawn at either 31 December 2024 or 31 December 2023. In 2024 and 2023, the Group entered into an inventory repurchase arrangement (not included within the financial liabilities noted above). The interest charged on this arrangement is determined as the difference between the sales and repurchase value and is therefore fixed at the time of entering into the arrangement. The repayment terms of this arrangement are not in excess of 270 days. Surplus cash funds, when appropriate, are placed on deposit and attract interest at variable rates. Interest rate risks \u2013 sensitivity The following table demonstrates the sensitivity, with all other variables held constant, of the Group\u2019s loss after tax to a reasonably possible change in interest rates on the bilateral RCF with HSBC and the RCF attached to the SSNs.
2024 2023
\u00a3m \u00a3m
Increase/ Effect Effect
(decrease) in on loss on loss
interest rate after tax after tax
SONIA
3.00%
(0.2)
(2.1)
SONIA
(3.00)%
0.2
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-719": { "value": "Foreign currency exposure The Group\u2019s exposure to the risk of changes in foreign currency exchange relates primarily to US dollar sales (including inter-Group sales), Chinese renminbi sales, Japanese yen sales and Euro denominated purchases. At 31 December 2024, the Group hedged 31% for 2025 (2023: 25% for 2024) of its US dollar denominated highly probable inter-Group sales, 32% for 2025 of its Japanese yen sales (2023: 53% for 2024) and 25% of its Euro denominated purchases for 2025 (2023: 0% for 2024). These foreign currency risks are hedged by using foreign currency forward contracts. The Group\u2019s sterling equivalents of financial assets and liabilities (excluding borrowings analysed by currency above) denominated in foreign currencies at 31 December were:
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables (excluding prepayments)
80.6
15.4
7.8
26.0
11.6
141.4
Foreign currency contracts
\u2013
\u2013
\u2013
1.0
\u2013
1.0
Cash balances
38.9
113.4
14.7
9.9
6.9
183.8
119.5
128.8
22.5
36.9
18.5
326.2
Financial liabilities
Trade and other payables
(183.1)
(133.8)
(5.8)
(10.6)
(2.0)
(335.3)
Lease liabilities
(1.2)
(6.8)
\u2013
(2.3)
\u2013
(10.3)
Customer deposits and advances
(23.3)
(38.1)
(4.2)
(5.6)
(4.9)
(76.1)
Foreign currency contracts
(1.7)
(3.9)
\u2013
\u2013
\u2013
(5.6)
(209.3)
(182.6)
(10.0)
(18.5)
(6.9)
(427.3)
Net balance sheet exposure
(89.8)
(53.8)
12.5
18.4
11.6
(101.1)
Chinese
Euros US dollars renminbi Japanese yen Other Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
94.8
22.2
38.8
41.2
17.2
214.2
Foreign currency contracts
\u2013
3.3
\u2013
\u2013
\u2013
3.3
Cash balances
38.7
166.5
21.6
15.9
6.5
249.2
133.5
192.0
60.4
57.1
23.7
466.7
Financial liabilities
Trade and other payables
(172.5)
(274.0)
(27.6)
(16.3)
(11.6)
(502.0)
Lease liabilities
(2.0)
(7.7)
(0.3)
(3.4)
\u2013
(13.4)
Customer deposits and advances
(33.8)
(54.6)
(5.6)
(7.4)
(8.7)
(110.1)
Foreign currency contracts
\u2013
\u2013
\u2013
(2.1)
\u2013
(2.1)
(208.3)
(336.3)
(33.5)
(29.2)
(20.3)
(627.6)
Net balance sheet exposure
(74.8)
(144.3)
26.9
27.9
3.4
(160.9)
The following significant exchange rates applied during the year and at the year end date:
Average rate Average rate Closing rate Closing rate
2024 2023 2024 2023
Euro
1.18
1.15
1.21
1.15
Chinese renminbi
9.19
8.75
9.14
9.04
US dollar
1.29
1.23
1.25
1.27
Japanese yen
191.53
172.09
196.83
179.72
Currency risk \u2013 sensitivity The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other variables held constant, of the Group\u2019s result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the US dollar or Euro exposures are used as hedging instruments.
Effect on result Effect on result
(Increase)/ after tax after tax
decrease 2024 2023
in rate \u00a3m \u00a3m
US dollar
-5%
(9.6)
(7.3)
US dollar
5%
8.7
8.1
Euro
-5%
10.8
8.5
Euro
5%
(11.9)
(9.4)
Chinese renminbi
-5%
(1.5)
(0.3)
Chinese renminbi
5%
1.7
0.4
Japanese yen
-5%
(4.1)
(3.4)
Japanese yen
5%
4.5
3.8
$1,050.0m and \u00a3565.0m Senior Secured Notes During 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. At 31 December 2024 the Group had not hedged the new SSNs. The notes issued in 2024 replaced the notes in issuance at 31 December 2023, which were repaid in March 2024. These notes were also unhedged. Foreign currency gains/(losses) on the US dollar denominated SSNs, due to exchange rate movements between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense). A corresponding change in the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position. $400m Senior Secured Notes The Group had designated $400m of historic SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions were still expected to occur, the amount accumulated in the cash flow hedge reserve at the repayment date was fully released to the Consolidated Income Statement in line with the profile of the US dollar sales to which it related, ending in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-738": { "value": "Currency risk \u2013 sensitivity The following table demonstrates the sensitivity to a change in the US dollar, Euro, Chinese renminbi and Japanese yen exchange rates, with all other variables held constant, of the Group\u2019s result after tax (due to changes in the fair value of monetary assets and liabilities) assuming that none of the US dollar or Euro exposures are used as hedging instruments.
Effect on result Effect on result
(Increase)/ after tax after tax
decrease 2024 2023
in rate \u00a3m \u00a3m
US dollar
-5%
(9.6)
(7.3)
US dollar
5%
8.7
8.1
Euro
-5%
10.8
8.5
Euro
5%
(11.9)
(9.4)
Chinese renminbi
-5%
(1.5)
(0.3)
Chinese renminbi
5%
1.7
0.4
Japanese yen
-5%
(4.1)
(3.4)
Japanese yen
5%
4.5
3.8
$1,050.0m and \u00a3565.0m Senior Secured Notes During 2024 the Group refinanced all SSNs in issue with new Sterling and US Dollar SSNs. At 31 December 2024 the Group had not hedged the new SSNs. The notes issued in 2024 replaced the notes in issuance at 31 December 2023, which were repaid in March 2024. These notes were also unhedged. Foreign currency gains/(losses) on the US dollar denominated SSNs, due to exchange rate movements between the US dollar and sterling, are charged to the Consolidated Income Statement within finance income/(expense). A corresponding change in the translated sterling value of these SSNs is reflected in the Consolidated Statement of Financial Position. $400m Senior Secured Notes The Group had designated $400m of historic SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020 and hedge accounting was discontinued from the date of repayment. As the forecast transactions were still expected to occur, the amount accumulated in the cash flow hedge reserve at the repayment date was fully released to the Consolidated Income Statement in line with the profile of the US dollar sales to which it related, ending in 2023. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-739": { "value": "Hedge accounting The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of foreign currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of historic fully repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together, these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement, and in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows: \u2013 Firstly, when practical, with foreign currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces. \u2013 Secondly, the Group has designated $400m of historic fully repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020. The Group currently has no active foreign currency forward contract cash flow hedges beyond 2025. The Group does not mitigate all transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction. Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Consolidated Income Statement. $400m Senior Secured Notes The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year end or repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1, the value of the hedging instrument matches the value of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income into the hedge reserve instead of within finance income/(expense). When the value of the hedging instrument is greater than the value of the hedged item, the excess portion is recognised as ineffective and is recorded immediately to finance expense in the Consolidated Income Statement. The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Consolidated Income Statement in 2023 are recorded in cost of sales. There were no amounts reclassified to the Consolidated Income Statement in 2024. Any ineffective amounts relating to the $400m SSNs would have been recorded as finance expense in the Consolidated Income Statement. There were no ineffective amounts in either 2024 or 2023. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Consolidated Income Statement as a reclassification adjustment. Main sources of hedge ineffectiveness Other than previously described, in relation only to foreign currency forward contracts designated as a hedge, the main sources of potential hedge ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur. The impact of hedging instruments on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Change in fair Change in fair
value used for value used for
Notional Carrying measuring Notional Carrying measuring
value value ineffectiveness value value ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts \u2013
other financial assets 32.8
1.0
1.0
94.1
3.3
3.3
Foreign exchange forward contracts \u2013
other financial liabilities 244.7
(5.6)
(5.6)
52.9
(2.1)
(2.1)
Foreign exchange forward contracts \u2013 inventory
54.9
2.2
2.2
53.8
\u2013
\u2013
$400m Senior Secured Notes \u2013 hedge instrument
\u2013
\u2013
\u2013
75.2
\u2013
\u2013
Tax on fair value movements recognised in OCI
\u2013
0.5
0.5
\u2013
(0.4)
(0.4)
The impact of hedged items on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Cash flow hedge Cost of hedging Cash flow hedge Cost of hedging
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
(0.5)
(1.9)
1.9
(0.8)
Tax on fair value movements recognised in OCI
0.1
0.4
(0.5)
0.2
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:
Amount
Ineffectiveness reclassified
Total hedging recognised in the Fair value from OCI to
(loss)/gain Consolidated movement the Consolidated
recognised Income Income on cash flow Income Income
in OCI Statement Statement hedges Statement Statement
Year ended 31 December 2024 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(3.6)
\u2013
Cost of sales
\u2013
(3.6)
Cost of sales
Tax on fair value movements recognised in OCI
0.9
\u2013
Cost of sales
\u2013
0.9
Cost of sales
Amount
Total hedging Ineffectiveness Fair value reclassified
(loss)/gain recognised in the movement from OCI to
recognised Consolidated Income on cash flow the Consolidated Income
in OCI Income Statement Statement hedges Income Statement Statement
Year ended 31 December 2023 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(0.8)
\u2013
Cost of sales
0.7
(1.5)
Cost of sales
$400m Senior Secured Notes \u2013 hedge instrument
(3.9)
\u2013
Cost of sales
\u2013
(3.9)
Cost of sales
Tax on fair value movements recognised in OCI
1.2
\u2013
\u2013
(0.2)
1.4
\u2013
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging instrument. At 31 December 2024 and 2023, there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer required. All hedging instruments recognised by the Group at 31 December 2024 have a maturity date of less than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-720": { "value": "Hedge accounting The Group is primarily exposed to US dollar currency variations on the sale of vehicles and parts, and Euro currency variations on the purchase of raw material parts and services. As part of its risk management policy, the Group uses derivative financial instruments in the form of foreign currency forward contracts to manage the cash flow risk resulting from these exchange rate movements. The Group had designated the foreign exchange movement on $400m of historic fully repaid SSNs as part of a cash flow hedging relationship, to manage the exchange rate risk resulting from forecast US dollar inter-Group sales. Together, these are referred to as cash flow hedges. The cash flow hedges give certainty over the transactional values to be recognised in the Consolidated Income Statement, and in the case of the forward contracts, certainty around the value of cash flows arising as foreign currencies are exchanged at predetermined rates. The Group hedges significant foreign currency exposures as follows: \u2013 Firstly, when practical, with foreign currency forward contracts on a reducing basis with the highest coverage in the year immediately following the year end date. When practicable, the Group places additional hedges on a regular basis so that the percentage of the foreign currency exposure hedged increases as the time to maturity of the foreign currency exposure reduces. \u2013 Secondly, the Group has designated $400m of historic fully repaid SSNs as a hedging instrument in respect of $400m of highly probable forecast US dollar sales that are not already hedged with forward contracts. These SSNs were repaid in December 2020. The Group currently has no active foreign currency forward contract cash flow hedges beyond 2025. The Group does not mitigate all transactional foreign currency exposures, with the unhedged proportion converted at exchange rates prevailing on the date of the transaction. Derivative financial instruments Derivative financial instruments are recorded at fair value. The hedging instruments of the cash flow hedge relationship have been designated as the spot element of forward foreign exchange contract, and the forward points are excluded from the hedge relationship. The hedged items have been designated as highly probable forecast net sales or purchases denominated in foreign currencies. Where the value of the hedging instrument matches the value of the hedged item in a 1:1 hedge ratio, the hedge is effective, and changes in the fair value of the hedging instrument attributable to the spot risk are considered an effective hedge and recognised in the cash flow hedge reserve within Other Comprehensive Income. Changes in fair value attributable to forward points are recognised in the cost of hedging reserve within Other Comprehensive Income. Where the value of hedging instrument is greater than the value of the hedged item, the excess portion is recognised as the ineffective portion of the gain or loss on the hedging instrument and is recorded immediately in the Consolidated Income Statement. $400m Senior Secured Notes The $400m SSNs were repaid in December 2020. Prior to repayment they were recorded at amortised cost and translated into sterling at the year end or repayment date closing rates with movements in the carrying value due to foreign exchange movements offset by movements in the value of the highly probable forecast sales when translated from US dollars to sterling. When the hedge ratio is 1:1, the value of the hedging instrument matches the value of the hedged item. In this case, the change in the carrying value of these SSNs, arising as a result of exchange differences, is recognised through Other Comprehensive Income into the hedge reserve instead of within finance income/(expense). When the value of the hedging instrument is greater than the value of the hedged item, the excess portion is recognised as ineffective and is recorded immediately to finance expense in the Consolidated Income Statement. The amounts recorded within the hedge reserve, including the cost of hedging reserve, are reclassified to the Consolidated Income Statement when the hedged item affects the Consolidated Income Statement. Due to the nature of the hedged items, all amounts reclassified to the Consolidated Income Statement in 2023 are recorded in cost of sales. There were no amounts reclassified to the Consolidated Income Statement in 2024. Any ineffective amounts relating to the $400m SSNs would have been recorded as finance expense in the Consolidated Income Statement. There were no ineffective amounts in either 2024 or 2023. When the expected volume of hedged highly probable forecast transactions is lower than the designated volume, and a portion of the hedged item is no longer highly probable to occur, hedge accounting is discontinued for that portion. If the hedged future cash flows are still expected to occur, then the accumulated amount in cash flow hedge reserve relating to the discontinued portion remains in the cash flow hedge reserve until the future cash flows occur. If the hedged future cash flows are no longer expected to occur, then that amount is immediately reclassified from the cash flow hedge reserve to the Consolidated Income Statement as a reclassification adjustment. Main sources of hedge ineffectiveness Other than previously described, in relation only to foreign currency forward contracts designated as a hedge, the main sources of potential hedge ineffectiveness relate to potential differences in the nominal value of hedged items and the hedging instrument should they occur. The impact of hedging instruments on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Change in fair Change in fair
value used for value used for
Notional Carrying measuring Notional Carrying measuring
value value ineffectiveness value value ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts \u2013
other financial assets 32.8
1.0
1.0
94.1
3.3
3.3
Foreign exchange forward contracts \u2013
other financial liabilities 244.7
(5.6)
(5.6)
52.9
(2.1)
(2.1)
Foreign exchange forward contracts \u2013 inventory
54.9
2.2
2.2
53.8
\u2013
\u2013
$400m Senior Secured Notes \u2013 hedge instrument
\u2013
\u2013
\u2013
75.2
\u2013
\u2013
Tax on fair value movements recognised in OCI
\u2013
0.5
0.5
\u2013
(0.4)
(0.4)
The impact of hedged items on the Consolidated Statement of Financial Position is as follows:
31 December 2024
31 December 2023
Cash flow hedge Cost of hedging Cash flow hedge Cost of hedging
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange forward contracts
(0.5)
(1.9)
1.9
(0.8)
Tax on fair value movements recognised in OCI
0.1
0.4
(0.5)
0.2
The effect of the cash flow hedge in the Consolidated Income Statement and Other Comprehensive Income is:
Amount
Ineffectiveness reclassified
Total hedging recognised in the Fair value from OCI to
(loss)/gain Consolidated movement the Consolidated
recognised Income Income on cash flow Income Income
in OCI Statement Statement hedges Statement Statement
Year ended 31 December 2024 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(3.6)
\u2013
Cost of sales
\u2013
(3.6)
Cost of sales
Tax on fair value movements recognised in OCI
0.9
\u2013
Cost of sales
\u2013
0.9
Cost of sales
Amount
Total hedging Ineffectiveness Fair value reclassified
(loss)/gain recognised in the movement from OCI to
recognised Consolidated Income on cash flow the Consolidated Income
in OCI Income Statement Statement hedges Income Statement Statement
Year ended 31 December 2023 \u00a3m \u00a3m line item \u00a3m \u00a3m line item
Foreign exchange forward contracts
(0.8)
\u2013
Cost of sales
0.7
(1.5)
Cost of sales
$400m Senior Secured Notes \u2013 hedge instrument
(3.9)
\u2013
Cost of sales
\u2013
(3.9)
Cost of sales
Tax on fair value movements recognised in OCI
1.2
\u2013
\u2013
(0.2)
1.4
\u2013
Hedge ineffectiveness recognised within the Consolidated Income Statement relates to differences in the nominal value of the hedged items and the hedging instrument. At 31 December 2024 and 2023, there were no balances remaining in the cash flow hedge reserve from hedging relationships for which hedge accounting is no longer required. All hedging instruments recognised by the Group at 31 December 2024 have a maturity date of less than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-721": { "value": "Liquidity risk The Group seeks to manage liquidity risk to ensure sufficient liquidity is available to meet foreseeable needs and, when appropriate, allow placement of cash on deposit safely and profitably. During 2024, the Group refinanced its SSNs until March 2029, issued additional notes related to the refinancing and undertook a share placing and retail offer to strengthen the liquidity of the business. The Group has a \u00a350.0m bilateral revolving credit facility with HSBC Bank plc (\u201cHSBC\u201d), whereby Chinese Renminbi can be deposited in a restricted account with HSBC in China in exchange for a Sterling overdraft facility with HSBC Bank plc in the United Kingdom. This facility was not drawn at either 31 December 2024 or 31 December 2023. The facility remains available until at least 19 March 2027. At 31 December 2024 the Group held \u00a31,378.9m of SSNs (2023: \u00a3980.3m). In March 2024, the Group refinanced the existing notes at 31 December 2023 with \u00a3400.0m of Sterling SSNs and $960.0m of US Dollar SSNs. In August 2024 the Group issued a further \u00a365.0m of Sterling SSNs and $90.0m of US Dollar SSNs. In December 2024 the Group issued a further \u00a3100.0m of Sterling SSNs. At 31 December 2023, the Group held \u00a3980.3m of SSNs comprising First Lien SSNs of $1,143.7m and Second Lien SSNs of $121.7m. In November 2023, the Group repurchased $121.7m of Second Lien SSNs. The redemption of the First Lien and Second Lien SSNs in the year ended 31 December 2024 and early repayments of the Second Lien SSNs in the year ended 31 December 2023 resulted in one off premium costs and the acceleration of transaction costs and discounts (see note 5). The Sterling SSNs and US Dollar SSNs in issue at 31 December 2024 are repayable in March 2029. The US dollar amounts have been converted to sterling equivalents for reporting purposes. Attached to the new SSNs (2023: previous SSNs) is a \u00a3170.0m (2023: \u00a390.6m) RCF of which \u00a310.0m (2023: \u00a390.0m) was drawn in cash at the reporting date. The amount recorded in the Consolidated Statement of Financial Position is net of unamortised transaction costs. \u00a35.9m (2023: \u00a39.2m) of the RCF has been reserved for letters of credit and guarantees. The RCF attached to the SSNs is available until December 2028. As part of the normal operating cycle of the Group, customers make advanced payments to secure their allocation of Special Vehicles produced in limited numbers. The cash from these advance payments is primarily used to fund upfront costs of the Special Vehicle project, including raw materials and components required in manufacture. In certain circumstances, according to the individual terms of the Special Vehicle contract and the position of the customer in the staged deposit and vehicle specification process, the advanced payments are contractually refundable. At 31 December 2024, the Group held refundable deposits of \u00a382.1m (2023: \u00a3132.8m). The Special Vehicle programmes are typically oversubscribed and, in the event that a customer requests reimbursement of their advanced payment, the newly created allocation is then given to an alternative customer, who is required to make an equivalent advanced payment. The maturity profile of the Group\u2019s financial liabilities at 31 December 2024 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
\u2013
\u2013
10.2
\u2013
10.2
Senior Secured Notes
\u2013
\u2013
141.5
1,890.1
\u2013
2,031.6
Trade and other payables
\u2013
377.6
104.3
77.4
0.8
560.1
Refundable customer deposits and advances
82.1
\u2013
\u2013
\u2013
\u2013
82.1
Derivative financial liabilities
Forward exchange contracts
\u2013
0.9
4.7
\u2013
\u2013
5.6
82.1
378.5
250.5
1,977.7
0.8
2,689.6
Included in the tables above and below are interest bearing loans and borrowings at a carrying value of \u00a31,387.3m (2023: \u00a31,069.7m). The liquidity profile associated with leases accounted under IFRS 16 is detailed in note 16. The maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on contractual undiscounted payments, was as follows.
Less than 3 3 to 12 1 to 5 Contractual Cash
On demand months months years >5 years Flows Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Bank loans and overdrafts
\u2013
90.6
\u2013
\u2013
\u2013
90.6
Senior Secured Notes
\u2013
\u2013
102.8
1,133.9
\u2013
1,236.7
Trade and other payables
\u2013
441.5
120.2
79.5
0.8
642.0
Refundable customer deposits and advances
132.8
\u2013
\u2013
\u2013
\u2013
132.8
Derivative financial liabilities
Forward exchange contracts
\u2013
0.3
1.8
\u2013
\u2013
2.1
132.8
532.4
224.8
1,213.4
0.8
2,104.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-722": { "value": "Estimation of fair values
As at 31 December 2024
As at 31 December 2023
Nominal value Book value Fair value Nominal value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included in assets
Level 2
Forward foreign exchange contracts
\u2013
1.0
1.0
\u2013
3.3
3.3
Investments
\u2013
50.9
50.9
\u2013
\u2013
\u2013
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
Level 3
Investments
\u2013
\u2013
\u2013
\u2013
18.2
18.2
\u2013
75.1
75.1
\u2013
21.5
21.5
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes
837.7
826.2
820.0
\u2013
\u2013
\u2013
\u00a3465.0m 10.375% GBP Notes
464.6
458.0
458.4
\u2013
\u2013
\u2013
\u00a3100.0m 10.375% GBP Notes*
96.6
94.7
97.6
\u2013
\u2013
\u2013
2023: $1,143.7m 10.5% US dollar
\u2013
\u2013
\u2013
First Lien Notes
897.2
890.0
906.7
2023: $121.7m 15.0% US dollar
\u2013
\u2013
\u2013
Second Lien Split Coupon Notes
95.4
90.3
103.6
Level 2
Forward exchange contracts
\u2013
5.6
5.6
\u2013
2.1
2.1
Derivative option over own shares
33.1
5.0
5.0
33.1
23.1
23.1
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
1,432.0
1,412.7
1,409.8
1,025.7
1,005.5
1,035.5
* The \u00a3100.0m of GBP notes issued in November 2024 have a different ISIN to the other \u00a3465.0m of GBP notes and therefore a different quoted value, hence are presented separately in this table. Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2013 Level 1 assets and liabilities have inputs observable through quoted prices. \u2013 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all valued at amortised cost retranslated at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (\u201cAMR GP\u201d) (see note 20). The investment relates to an existing minority shareholding within AMG GP. The fair value of the investment in 2023 was established by applying the proportion of equity represented by the shareholding to an assessment of the enterprise value of AMR GP, which was then adjusted to reflect marketability and control commensurate with the size of the investment, and as such was a level 3 asset. As at 31 December 2024, the Group has measured the fair value of its holding in line with the equity value implied by investments into AMR GP by a number of third parties during 2024. The implied equity value from the transactions, alongside a continued absence of quoted prices, have led to the investment, being reassessed as a level 2 asset as at 31 December 2024. The derivative option over own shares reflects the detachable warrants issued alongside the previous Second Lien SSNs (see borrowings section of note 23) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end, reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk-free rate. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-740": { "value": "Estimation of fair values
As at 31 December 2024
As at 31 December 2023
Nominal value Book value Fair value Nominal value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included in assets
Level 2
Forward foreign exchange contracts
\u2013
1.0
1.0
\u2013
3.3
3.3
Investments
\u2013
50.9
50.9
\u2013
\u2013
\u2013
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
Level 3
Investments
\u2013
\u2013
\u2013
\u2013
18.2
18.2
\u2013
75.1
75.1
\u2013
21.5
21.5
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes
837.7
826.2
820.0
\u2013
\u2013
\u2013
\u00a3465.0m 10.375% GBP Notes
464.6
458.0
458.4
\u2013
\u2013
\u2013
\u00a3100.0m 10.375% GBP Notes*
96.6
94.7
97.6
\u2013
\u2013
\u2013
2023: $1,143.7m 10.5% US dollar
\u2013
\u2013
\u2013
First Lien Notes
897.2
890.0
906.7
2023: $121.7m 15.0% US dollar
\u2013
\u2013
\u2013
Second Lien Split Coupon Notes
95.4
90.3
103.6
Level 2
Forward exchange contracts
\u2013
5.6
5.6
\u2013
2.1
2.1
Derivative option over own shares
33.1
5.0
5.0
33.1
23.1
23.1
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
1,432.0
1,412.7
1,409.8
1,025.7
1,005.5
1,035.5
* The \u00a3100.0m of GBP notes issued in November 2024 have a different ISIN to the other \u00a3465.0m of GBP notes and therefore a different quoted value, hence are presented separately in this table. Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2013 Level 1 assets and liabilities have inputs observable through quoted prices. \u2013 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all valued at amortised cost retranslated at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (\u201cAMR GP\u201d) (see note 20). The investment relates to an existing minority shareholding within AMG GP. The fair value of the investment in 2023 was established by applying the proportion of equity represented by the shareholding to an assessment of the enterprise value of AMR GP, which was then adjusted to reflect marketability and control commensurate with the size of the investment, and as such was a level 3 asset. As at 31 December 2024, the Group has measured the fair value of its holding in line with the equity value implied by investments into AMR GP by a number of third parties during 2024. The implied equity value from the transactions, alongside a continued absence of quoted prices, have led to the investment, being reassessed as a level 2 asset as at 31 December 2024. The derivative option over own shares reflects the detachable warrants issued alongside the previous Second Lien SSNs (see borrowings section of note 23) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end, reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk-free rate. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-745": { "value": "Estimation of fair values
As at 31 December 2024
As at 31 December 2023
Nominal value Book value Fair value Nominal value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Included in assets
Level 2
Forward foreign exchange contracts
\u2013
1.0
1.0
\u2013
3.3
3.3
Investments
\u2013
50.9
50.9
\u2013
\u2013
\u2013
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
Level 3
Investments
\u2013
\u2013
\u2013
\u2013
18.2
18.2
\u2013
75.1
75.1
\u2013
21.5
21.5
Included in liabilities
Level 1
$1,050.0, 10% US dollar Notes
837.7
826.2
820.0
\u2013
\u2013
\u2013
\u00a3465.0m 10.375% GBP Notes
464.6
458.0
458.4
\u2013
\u2013
\u2013
\u00a3100.0m 10.375% GBP Notes*
96.6
94.7
97.6
\u2013
\u2013
\u2013
2023: $1,143.7m 10.5% US dollar
\u2013
\u2013
\u2013
First Lien Notes
897.2
890.0
906.7
2023: $121.7m 15.0% US dollar
\u2013
\u2013
\u2013
Second Lien Split Coupon Notes
95.4
90.3
103.6
Level 2
Forward exchange contracts
\u2013
5.6
5.6
\u2013
2.1
2.1
Derivative option over own shares
33.1
5.0
5.0
33.1
23.1
23.1
Other derivative contracts
\u2013
23.2
23.2
\u2013
\u2013
\u2013
1,432.0
1,412.7
1,409.8
1,025.7
1,005.5
1,035.5
* The \u00a3100.0m of GBP notes issued in November 2024 have a different ISIN to the other \u00a3465.0m of GBP notes and therefore a different quoted value, hence are presented separately in this table. Under IFRS 7, such assets and liabilities are classified by the way in which their fair value is calculated. The interest-bearing loans and borrowings are considered to be level 1 liabilities with forward exchange contracts being level 2 assets and liabilities. IFRS 7 defines each level as follows: \u2013 Level 1 assets and liabilities have inputs observable through quoted prices. \u2013 Level 2 assets and liabilities have inputs observable, other than quoted prices, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3 assets and liabilities are those with inputs not based on observable market data. Trade and other receivables, current borrowings and trade and other payables are deemed to have the same fair value as their book value and, as such, the table above only includes assets and liabilities held at fair value, and borrowings. The forward currency contracts are carried at fair value based on pricing models and discounted cash flow techniques derived from assumptions provided by third-party banks. The SSNs are all valued at amortised cost retranslated at the year end foreign exchange rate. The fair value of these SSNs at the current and comparative period ends are determined by reference to the quoted price on The International Stock Exchange Authority in St Peter Port, Guernsey. The fair value and nominal value exclude the impact of transaction costs. The other derivative contract relates to one option for the Group to acquire a minority shareholding in AMR GP Holdings Limited (\u201cAMR GP\u201d) (see note 20). The investment relates to an existing minority shareholding within AMG GP. The fair value of the investment in 2023 was established by applying the proportion of equity represented by the shareholding to an assessment of the enterprise value of AMR GP, which was then adjusted to reflect marketability and control commensurate with the size of the investment, and as such was a level 3 asset. As at 31 December 2024, the Group has measured the fair value of its holding in line with the equity value implied by investments into AMR GP by a number of third parties during 2024. The implied equity value from the transactions, alongside a continued absence of quoted prices, have led to the investment, being reassessed as a level 2 asset as at 31 December 2024. The derivative option over own shares reflects the detachable warrants issued alongside the previous Second Lien SSNs (see borrowings section of note 23) enabling the warrant holders to subscribe for a number of ordinary shares in the Company. The fair value is calculated using a binomial model and updated at each period end, reflecting the latest market conditions. The inputs used in the valuation model include the quoted share price, market volatility, exercise ratio and risk-free rate. For all other receivables and payables, the carrying amount is deemed to reflect the fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-723": { "value": "Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain the future development of the business. Given this, the objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximise shareholder value. The capital structure of the Group consists of debt which includes the borrowings disclosed in this note, cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital and reserves as disclosed in the Consolidated Statement of Changes in Equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-660": { "value": "
24 NET DEBT
The Group defines net debt as current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and cash
equivalents including cash held not available for short-term use. The additional cash flow disclosures required under IAS 7 are made in note 28.
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
359.6
392.4
Inventory repurchase arrangement
(38.4)
(39.7)
Lease liabilities \u2013 current
(9.4)
(8.8)
Lease liabilities \u2013 non-current
(87.2)
(88.5)
Loans and other borrowings \u2013 current
\u2013
(89.4)
Loans and other borrowings \u2013 non-current
(1,387.3)
(980.3)
Net debt
(1,162.7)
(814.3)
Movement in net debt
Net decrease in cash and cash equivalents
(32.8)
(190.9)
Add back cash flows in respect of other components of net debt:
New borrowings
(1,394.6)
(11.5)
Proceeds from inventory repurchase arrangement
(75.4)
(38.0)
Repayment of existing borrowings
1,084.9
129.7
Repayment of inventory repurchase arrangement
80.0
40.0
Lease liability payments
9.5
7.9
Movement in cash held not available for short-term use
\u2013
(0.3)
Transaction fees
24.3
\u2013
Increase in net debt arising from cash flows
(304.1)
(63.1)
Non-cash movements:
Foreign exchange (loss)/gain on secured loan
(14.1)
60.8
Interest added to debt
(4.6)
(14.2)
Unpaid transaction fees
1.7
\u2013
Borrowing fee amortisation
(18.5)
(26.9)
Lease liability interest charge
(4.2)
(4.1)
Lease modifications
(1.6)
(0.6)
New leases
(7.7)
(5.8)
Foreign exchange gain and other movements
4.7
5.1
Increase in net debt
(348.4)
(48.8)
Net debt at beginning of the year
(814.3)
(765.5)
Net debt at the end of the yea
r
(1,162.7)
(814.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-699": { "value": "
25 PROVISIONS
2024 2023
\u00a3m \u00a3m
Warrant
y
Total
Warrant
y
 Total
At the beginning of the year
43.9
43.9
41.1
41.1
Charge for the year
37.5
37.5
29.7
29.7
Utilisation
(34.2)
(34.2)
(27.4)
(27.4)
Effect of movements in exchange rates
(0.4)
(0.4)
0.7
0.7
Release to the Consolidated Income Statement
\u2013
\u2013
(0.2)
(0.2)
At the end of the year
46.8
46.8
43.9
43.9
Analysed as:
Current
19.7
19.7
20.2
20.2
Non-current
27.1
27.1
23.7
23.7
46.8
46.8
43.9
43.9
The warranty provision is calculated based on the level of historical claims and is expected to be substantially utilised within the next three years.
32 CONTINGENT LIABILITIES In the normal course of the Group\u2019s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers, employees or others are pending or may be brought against Group entities arising out of current or past operations. There is presently a dispute between the Group and the other shareholders of one of its subsidiary entities, which is ongoing and from which a future obligation may arise. The Group denies the claims made and is working to resolve the matter.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-662": { "value": "25 PROVISIONS
2024 2023
\u00a3m \u00a3m
Warrant
y
Total
Warrant
y
 Total
At the beginning of the year
43.9
43.9
41.1
41.1
Charge for the year
37.5
37.5
29.7
29.7
Utilisation
(34.2)
(34.2)
(27.4)
(27.4)
Effect of movements in exchange rates
(0.4)
(0.4)
0.7
0.7
Release to the Consolidated Income Statement
\u2013
\u2013
(0.2)
(0.2)
At the end of the year
46.8
46.8
43.9
43.9
Analysed as:
Current
19.7
19.7
20.2
20.2
Non-current
27.1
27.1
23.7
23.7
46.8
46.8
43.9
43.9
The warranty provision is calculated based on the level of historical claims and is expected to be substantially utilised within the next three years.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-661": { "value": "
26 PENSION OBLIGATIONS
Defined contribution scheme
The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2024 was \u00a313.7m
(2023: \u00a320.9m). The Group collects both the employee and employer contributions which are paid to the scheme in the following month. Outstanding
contributions at the 31 December 2024 were \u00a32.3m (2023: \u00a31.9m). Contributions are made by the Group to other pension arrangements for certain
employees of the Group.
Defined Benefit scheme
The Group operates a Defined Benefit Pension Scheme. During 2017, it was agreed and communicated to its members that the scheme\u2019s benefits would be
amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The scheme was closed
to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The assets of the scheme are held
separately from those of the Group. On 31 January 2022, the scheme was closed to future accrual resulting in a curtailment loss of \u00a32.8m.
In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of
disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial valuations.
The primary objectives are to provide security for all beneficiaries and to achieve long-term growth sufficient to finance any pension increases and ensure the
residual cost is held at a reasonable level.
The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance of the
scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation. The Trustee
comprises representatives of the Group and members of the scheme and an independent, professional Trustee.
The pension scheme exposes the Group to the following risks:
\u2013 Asset volatility \u2013 the scheme\u2019s Statement of Investment Principles targets around 22% return-enhancing assets and 78% risk-reducing assets. The Trustee
monitors the appropriateness of the scheme\u2019s investment strategy, in consultation with the Group, on an ongoing basis.
\u2013 Inflation risk \u2013 the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities (although in most cases there are
caps in place which protect against extreme inflation).
\u2013 Longevity \u2013 increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value placed on the
scheme\u2019s liabilities.
\u2013 Changes in bond yields \u2013 A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although this will be partially offset
by an increase in the value of the Scheme\u2019s bond holdings.
The projected unit method has been used to determine the liabilities.
The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest completed actuarial valuation of the scheme had
an effective date of 6 April 2023. The assumptions that make the most significant effect on the valuation are those relating to the rate of return on investments,
the rate of future inflation-linked pension increases and expected longevity. It was assumed that the investment return would be based on the Bank of England
gilt curve plus 0.5% per annum and that future inflation would be based on the Bank of England inflation curve. At the 6 April 2023 actuarial valuation, the
actuarial value of the scheme assets was \u00a3202.6m, sufficient to cover 81% of the actuarial value of the benefits payable to members.
On 5 July 2024, the Group agreed to pay recovery plan contributions of \u00a38.0m per annum (reduced from \u00a315.0m per annum prior to this date) effective from 1 July 2024 through to 30 November 2028. The 6 April 2023 valuation was updated by an independent qualified actuary to 31 December 2024 for the 2024 year end disclosures in accordance with IAS 19. The next triennial valuation as at 6 April 2026 is due to be completed by July 2027 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation, the Trustee and the Group will review the adequacy of the contributions being paid into the scheme. Following the High Court ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others in June 2023, it was held that section 37 of the Pension Schemes Act 1993 operates to make void any amendment to the rules of a contracted out pension scheme without written actuarial confirmation under Regulation 42(2) of the Occupational Pension Schemes (Contracting Out) Regulations 1996, insofar that the amendment relates to members\u2019 section 9(2B) rights. On 25 July 2024, the court dismissed an appeal and confirmed section 9(2B) rights included both past service rights and future service rights. The Trustees of the Scheme and the Plan (collectively the \u201cPension Schemes\u201d) have confirmed that: \u2013 The Pension Schemes were contracted out of the additional state pension between 1997 and 2016; and \u2013 It was possible that amendments were made to the Pension Schemes that may have impacted on the members\u2019 section 9(2B) rights. The Trustees of the Scheme and the Directors work closely together and take appropriate legal and professional advice when making amendments to the Pension Schemes. An initial assessment has been undertaken to determine whether any amendments to section 9(2B) rights were made to the Pension Schemes that were not in accordance with section 37 of the Pension Schemes Act 1993 requirements, however as at 31 December 2024, the assessment is ongoing and no final conclusions have been reached. Further, it is not currently possible to reliably estimate any potential impact to the defined benefit obligations of the Pension Schemes if these amendments were not in accordance with section 37 of the Pension Schemes Act 1993 requirements. The Directors continue to assess the extent of procedures required to confirm if there is any indication of historic non-compliance. Assumptions The principal assumptions used by the actuary were:
31 December 31 December
2024 2023
Discount rate
5.65%
4.70%
Rate of increase in salaries
N/A
N/A
Rate of revaluation in deferment
2.55%
2.40%
Rate of increase in pensions in payment attracting Limited Price Indexation
2.95%
2.85%
Expected return on scheme assets
5.65%
4.70%
RPI Inflation assumption
3.00%
2.90%
CPI Inflation assumption
2.55%
2.40%
The Group\u2019s inflation assumption reflects its long-term expectations and has not been amended for short-term variability. The mortality assumptions allow for expected increases in longevity. The \u2018current\u2019 disclosures below relate to assumptions based on the longevity (in years) following retirement at each reporting date, with \u201cfuture\u201d relating to an employee retiring in 2044 (2024 assumptions) or 2043 (2023 assumptions). Projected life expectancy at age 65
Future
Current
Future
Current
Currently Currently Currently Currently
aged 45 aged 65 aged 45 aged 65
2024 2024 2023 2023
Male
22.8
21.5
22.3
21.1
Female
25.5
24.0
25.1
23.7
Years
Average duration of the liabilities in years as at 31 December 2024
17
Average duration of the liabilities in years as at 31 December 2023
19
The following table provides information on the composition and fair value of the assets of the scheme: 31 December 2024 Quoted \u00a3m 31 December 2024 Unquoted \u00a3m 31 December 2024 Total \u00a3m 31 December 2023 Quoted \u00a3m 31 December 2023 Unquoted \u00a3m 31 December 2023 Total \u00a3m Asset class Overseas equities 10.3 \u2013 10.3 5.6 \u2013 5.6 Private debt \u2013 20.8 20.8 \u2013 30.7 30.7 Asset-Backed Securities 10.3 \u2013 10.3 4.3 \u2013 4.3 Liability driven investment 86.0 15.7 101.7 133.3 3.3 136.6 Cash 44.8 \u2013 44.8 30.9 \u2013 30.9 Insurance policies 4.2 \u2013 4.2 4.7 \u2013 4.7 Total 155.6 36.5 192.1 178.8 34.0 212.8 The scheme assets and funded obligations at 31 December are summarised below:
2024 2023
\u00a3m \u00a3m
Total fair value of scheme assets
192.1
212.8
Present value of funded obligations
(185.9)
(215.9)
Funded status at the end of the year
6.2
(3.1)
Adjustment to reflect minimum funding requirements
(34.9)
(45.9)
Liability recognised in the Consolidated Statement of Financial Position
(28.7)
(49.0)
The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan contributions, discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation. Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Amounts charged to operating loss:
Current service cost
\u2013
\u2013
Past service cost
\u2013
\u2013
\u2013
\u2013
Amounts charged to finance expense:
Net interest expense on the net Defined Benefit liability
0.1
0.2
Interest expense on the adjustment to reflect minimum funding requirements
(2.1)
(2.9)
Total expense recognised in the Consolidated Income Statement
2.0
(2.7)
Changes in present value of the Defined Benefit pensions obligations are analysed as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
(215.9)
(189.0)
Current service cost
\u2013
\u2013
Past service cost
\u2013
\u2013
Interest cost
(10.0)
(9.1)
Experience gains/(losses)
7.4
(20.4)
Actuarial gains/(losses) arising from changes in financial assumptions
28.7
(3.5)
Distributions
6.3
4.2
Actuarial (losses)/gains arising from changes in demographic assumptions
(2.4)
1.9
Obligation at the end of the year
(185.9)
(215.9)
Changes in the fair value of plan assets are analysed below:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
212.8
187.0
Interest on assets
10.1
9.3
Employer contributions
12.1
15.0
Return on scheme assets excluding interest income
(36.6)
5.6
Distributions
(6.3)
(4.1)
Fair value at the end of the year
192.1
212.8
2024 2023
\u00a3m \u00a3m
Actual return on scheme assets
(26.5)
14.9
Analysis of amounts recognised in the Consolidated Statement of Financial Position:
2024 2023
\u00a3m \u00a3m
Liability at the beginning of the year
(49.0)
(61.2)
Net expense recognised in the Consolidated Income Statement
(2.0)
(2.7)
Employer contributions
12.1
15.0
Gain/(loss) recognised in Other Comprehensive Income
10.2
(0.1)
Liability recognised in the Consolidated Statement of Financial Position at the end of the year
(28.7)
(49.0)
Analysis of amount taken to Other Comprehensive Income:
2024 2023
\u00a3m \u00a3m
Return on scheme assets excluding interest income
(36.6)
5.6
Experience gains/(losses) arising on funded obligations
7.4
(20.4)
Gains/(losses) arising due to changes in financial assumptions underlying the present value of funded obligations
28.7
(3.5)
Gains arising as a result of adjustment made to reflect minimum funding requirements
13.1
16.3
(Losses)/gains arising due to changes in demographic assumptions
(2.4)
1.9
Amount recognised in Other Comprehensive Income
10.2
(0.1)
Sensitivity analysis of the principal assumptions used to measure scheme liabilities
At 31 December 2024 the present value of the benefit obligation was \u00a3185.9m (2023: \u00a3215.9m) and its sensitivity to changes in key assumptions were:
Present value Present value
of benefit of benefit
obligations at obligations at
31 December 31 December
Change in 2024 2023
assum
p
tion
\u00a3m \u00a3m
Discount rate
Decrease by 1%
220.3
260.3
Rate of inflation*
Increase by 0.25%
190.9
222.5
Life expectancy increased by approximately 1 year
Increase by one year
191.5
223.2
* This sensitivity allows for the impact on all inflation-related assumptions (salary increases, deferred revaluation and pension increases).
Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of members\u2019 benefits. The next triennial valuation, as at
6 April 2026, is due to be completed by July 2027 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation
the Trustee and the Group will review the adequacy of the contributions being paid into the scheme.
2024 2023
\u00a3m \u00a3m
Expected future benefit payments
Year 1 (2025/2024)
9.9
10.6
Year 2 (2026/2025)
10.2
10.9
Year 3 (2027/2026)
10.5
11.2
Year 4 (2028/2027)
10.8
11.6
Year 5 (2029/2028)
11.1
11.9
Years 6 to 10 (2030 to 2034/2029 to 2033)
59.6
63.7
History of scheme experience
2024
2023
Present value of the scheme liabilities (\u00a3m)
(185.9)
(215.9)
Fair value of the scheme assets (\u00a3m)
192.1
212.8
Surplus/(deficit) in the scheme before adjusting to reflect minimum funding requirements (\u00a3m)
6.2
(3.1)
Experience (losses)/gains on scheme assets excluding interest income (\u00a3m)
(36.6)
5.6
Percentage of scheme assets
(19.1)%
2.6%
Return on scheme liabilities (\u00a3m)
7.4
(20.4)
Percentage of the present value of the scheme liabilities
(4.0)%
9.4%
Total amount recognised in Other Comprehensive Income (\u00a3m)
10.2
(0.1)
Percentage of the present value of the scheme liabilities
(5.5)%
0.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-697": { "value": "Defined contribution scheme The Group opened a Defined Contribution scheme in June 2011. The total expense relating to this scheme in the year ended 31 December 2024 was \u00a313.7m (2023: \u00a320.9m). The Group collects both the employee and employer contributions which are paid to the scheme in the following month. Outstanding contributions at the 31 December 2024 were \u00a32.3m (2023: \u00a31.9m). Contributions are made by the Group to other pension arrangements for certain employees of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-698": { "value": "Defined Benefit scheme The Group operates a Defined Benefit Pension Scheme. During 2017, it was agreed and communicated to its members that the scheme\u2019s benefits would be amended from a final pensionable salary basis to a career average revalued earnings (CARE) basis with effect from 1 January 2018. The scheme was closed to new entrants on 31 May 2011. The benefits of the existing members were not affected by the closure of the scheme. The assets of the scheme are held separately from those of the Group. On 31 January 2022, the scheme was closed to future accrual resulting in a curtailment loss of \u00a32.8m. In constructing the investment strategy for the scheme, the Trustees take due account of the liability profile of the scheme along with the level of disclosed surplus or deficit. The investment strategy is reviewed on a regular basis and, at a minimum, on a triennial basis to coincide with actuarial valuations. The primary objectives are to provide security for all beneficiaries and to achieve long-term growth sufficient to finance any pension increases and ensure the residual cost is held at a reasonable level. The pension scheme operates under the regulatory framework of the Pensions Act 2004. The Trustee has the primary responsibility for governance of the scheme. Benefit payments are from Trustee-administered funds and scheme assets are held in a Trust which is governed by UK regulation. The Trustee comprises representatives of the Group and members of the scheme and an independent, professional Trustee. The pension scheme exposes the Group to the following risks: \u2013 Asset volatility \u2013 the scheme\u2019s Statement of Investment Principles targets around 22% return-enhancing assets and 78% risk-reducing assets. The Trustee monitors the appropriateness of the scheme\u2019s investment strategy, in consultation with the Group, on an ongoing basis. \u2013 Inflation risk \u2013 the majority of benefits are linked to inflation and so increases in inflation will lead to higher liabilities (although in most cases there are caps in place which protect against extreme inflation). \u2013 Longevity \u2013 increases in life expectancy will increase the period over which benefits are expected to be payable, which increases the value placed on the scheme\u2019s liabilities. \u2013 Changes in bond yields \u2013 A decrease in corporate bond yields will increase the value placed on the Scheme liabilities, although this will be partially offset by an increase in the value of the Scheme\u2019s bond holdings. The projected unit method has been used to determine the liabilities. The pension cost is assessed in accordance with the advice of an independent qualified actuary. The latest completed actuarial valuation of the scheme had an effective date of 6 April 2023. The assumptions that make the most significant effect on the valuation are those relating to the rate of return on investments, the rate of future inflation-linked pension increases and expected longevity. It was assumed that the investment return would be based on the Bank of England gilt curve plus 0.5% per annum and that future inflation would be based on the Bank of England inflation curve. At the 6 April 2023 actuarial valuation, the actuarial value of the scheme assets was \u00a3202.6m, sufficient to cover 81% of the actuarial value of the benefits payable to members.
On 5 July 2024, the Group agreed to pay recovery plan contributions of \u00a38.0m per annum (reduced from \u00a315.0m per annum prior to this date) effective from
1 July 2024 through to 30 November 2028.
The 6 April 2023 valuation was updated by an independent qualified actuary to 31 December 2024 for the 2024 year end disclosures in accordance with
IAS 19. The next triennial valuation as at 6 April 2026 is due to be completed by July 2027 in line with the scheme-specific funding requirements of the Pensions
Act 2004. As part of that valuation, the Trustee and the Group will review the adequacy of the contributions being paid into the scheme.
Following the High Court ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others in June 2023, it was held that section 37 of
the Pension Schemes Act 1993 operates to make void any amendment to the rules of a contracted out pension scheme without written actuarial confirmation
under Regulation 42(2) of the Occupational Pension Schemes (Contracting Out) Regulations 1996, insofar that the amendment relates to members\u2019 section
9(2B) rights. On 25 July 2024, the court dismissed an appeal and confirmed section 9(2B) rights included both past service rights and future service rights.
The Trustees of the Scheme and the Plan (collectively the \u201cPension Schemes\u201d) have confirmed that:
\u2013 The Pension Schemes were contracted out of the additional state pension between 1997 and 2016; and
\u2013 It was possible that amendments were made to the Pension Schemes that may have impacted on the members\u2019 section 9(2B) rights.
The Trustees of the Scheme and the Directors work closely together and take appropriate legal and professional advice when making amendments to the
Pension Schemes. An initial assessment has been undertaken to determine whether any amendments to section 9(2B) rights were made to the Pension
Schemes that were not in accordance with section 37 of the Pension Schemes Act 1993 requirements, however as at 31 December 2024, the assessment is
ongoing and no final conclusions have been reached.
Further, it is not currently possible to reliably estimate any potential impact to the defined benefit obligations of the Pension Schemes if these amendments
were not in accordance with section 37 of the Pension Schemes Act 1993 requirements. The Directors continue to assess the extent of procedures required
to confirm if there is any indication of historic non-compliance.
Assumptions
The principal assumptions used by the actuary were:
31 December 31 December
2024 2023
Discount rate
5.65%
4.70%
Rate of increase in salaries
N/A
N/A
Rate of revaluation in deferment
2.55%
2.40%
Rate of increase in pensions in payment attracting Limited Price Indexation
2.95%
2.85%
Expected return on scheme assets
5.65%
4.70%
RPI Inflation assumption
3.00%
2.90%
CPI Inflation assumption
2.55%
2.40%
The Group\u2019s inflation assumption reflects its long-term expectations and has not been amended for short-term variability. The mortality assumptions allow
for expected increases in longevity. The \u2018current\u2019 disclosures below relate to assumptions based on the longevity (in years) following retirement at each
reporting date, with \u201cfuture\u201d relating to an employee retiring in 2044 (2024 assumptions) or 2043 (2023 assumptions).
Projected life expectancy at age 65
Future
Current
Future
Current
Currently Currently Currently Currently
aged 45 aged 65 aged 45 aged 65
2024 2024 2023 2023
Male
22.8
21.5
22.3
21.1
Female
25.5
24.0
25.1
23.7
Years
Average duration of the liabilities in years as at 31 December 2024
17
Average duration of the liabilities in years as at 31 December 2023
19
The following table provides information on the composition and fair value of the assets of the scheme:
31 December
2024
Quoted
\u00a3m
31 December
2024
Unquoted
\u00a3m
31 December
2024
Total
\u00a3m
31 December
2023
Quoted
\u00a3m
31 December
2023
Unquoted
\u00a3m
31 December
2023
Total
\u00a3m
Asset class
Overseas equities 10.3 \u2013 10.3 5.6 \u2013 5.6
Private debt \u2013 20.8 20.8 \u2013 30.7 30.7
Asset-Backed Securities 10.3 \u2013 10.3 4.3 \u2013 4.3
Liability driven investment 86.0 15.7 101.7 133.3 3.3 136.6
Cash 44.8 \u2013 44.8 30.9 \u2013 30.9
Insurance policies 4.2 \u2013 4.2 4.7 \u2013 4.7
Total 155.6 36.5 192.1 178.8 34.0 212.8
The scheme assets and funded obligations at 31 December are summarised below:
2024 2023
\u00a3m \u00a3m
Total fair value of scheme assets
192.1
212.8
Present value of funded obligations
(185.9)
(215.9)
Funded status at the end of the year
6.2
(3.1)
Adjustment to reflect minimum funding requirements
(34.9)
(45.9)
Liability recognised in the Consolidated Statement of Financial Position
(28.7)
(49.0)
The adjustment to reflect minimum funding requirements represents the excess of the present value of contractual future recovery plan contributions,
discounted using the assumed scheme discount rate, over the funding status established through the actuarial valuation.
Amounts recognised in the Consolidated Income Statement during the year ended 31 December were as follows:
2024 2023
\u00a3m \u00a3m
Amounts charged to operating loss:
Current service cost
\u2013
\u2013
Past service cost
\u2013
\u2013
\u2013
\u2013
Amounts charged to finance expense:
Net interest expense on the net Defined Benefit liability
0.1
0.2
Interest expense on the adjustment to reflect minimum funding requirements
(2.1)
(2.9)
Total expense recognised in the Consolidated Income Statement
2.0
(2.7)
Changes in present value of the Defined Benefit pensions obligations are analysed as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
(215.9)
(189.0)
Current service cost
\u2013
\u2013
Past service cost
\u2013
\u2013
Interest cost
(10.0)
(9.1)
Experience gains/(losses)
7.4
(20.4)
Actuarial gains/(losses) arising from changes in financial assumptions
28.7
(3.5)
Distributions
6.3
4.2
Actuarial (losses)/gains arising from changes in demographic assumptions
(2.4)
1.9
Obligation at the end of the year
(185.9)
(215.9)
Changes in the fair value of plan assets are analysed below:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
212.8
187.0
Interest on assets
10.1
9.3
Employer contributions
12.1
15.0
Return on scheme assets excluding interest income
(36.6)
5.6
Distributions
(6.3)
(4.1)
Fair value at the end of the year
192.1
212.8
2024 2023
\u00a3m \u00a3m
Actual return on scheme assets
(26.5)
14.9
Analysis of amounts recognised in the Consolidated Statement of Financial Position:
2024 2023
\u00a3m \u00a3m
Liability at the beginning of the year
(49.0)
(61.2)
Net expense recognised in the Consolidated Income Statement
(2.0)
(2.7)
Employer contributions
12.1
15.0
Gain/(loss) recognised in Other Comprehensive Income
10.2
(0.1)
Liability recognised in the Consolidated Statement of Financial Position at the end of the year
(28.7)
(49.0)
Analysis of amount taken to Other Comprehensive Income:
2024 2023
\u00a3m \u00a3m
Return on scheme assets excluding interest income
(36.6)
5.6
Experience gains/(losses) arising on funded obligations
7.4
(20.4)
Gains/(losses) arising due to changes in financial assumptions underlying the present value of funded obligations
28.7
(3.5)
Gains arising as a result of adjustment made to reflect minimum funding requirements
13.1
16.3
(Losses)/gains arising due to changes in demographic assumptions
(2.4)
1.9
Amount recognised in Other Comprehensive Income
10.2
(0.1)
Sensitivity analysis of the principal assumptions used to measure scheme liabilities At 31 December 2024 the present value of the benefit obligation was \u00a3185.9m (2023: \u00a3215.9m) and its sensitivity to changes in key assumptions were:
Present value Present value
of benefit of benefit
obligations at obligations at
31 December 31 December
Change in 2024 2023
assum
p
tion
\u00a3m \u00a3m
Discount rate
Decrease by 1%
220.3
260.3
Rate of inflation*
Increase by 0.25%
190.9
222.5
Life expectancy increased by approximately 1 year
Increase by one year
191.5
223.2
* This sensitivity allows for the impact on all inflation-related assumptions (salary increases, deferred revaluation and pension increases). Funding levels are monitored on a regular basis by the Trustee and the Group to ensure the security of members\u2019 benefits. The next triennial valuation, as at 6 April 2026, is due to be completed by July 2027 in line with the scheme-specific funding requirements of the Pensions Act 2004. As part of that valuation the Trustee and the Group will review the adequacy of the contributions being paid into the scheme.
2024 2023
\u00a3m \u00a3m
Expected future benefit payments
Year 1 (2025/2024)
9.9
10.6
Year 2 (2026/2025)
10.2
10.9
Year 3 (2027/2026)
10.5
11.2
Year 4 (2028/2027)
10.8
11.6
Year 5 (2029/2028)
11.1
11.9
Years 6 to 10 (2030 to 2034/2029 to 2033)
59.6
63.7
History of scheme experience
2024
2023
Present value of the scheme liabilities (\u00a3m)
(185.9)
(215.9)
Fair value of the scheme assets (\u00a3m)
192.1
212.8
Surplus/(deficit) in the scheme before adjusting to reflect minimum funding requirements (\u00a3m)
6.2
(3.1)
Experience (losses)/gains on scheme assets excluding interest income (\u00a3m)
(36.6)
5.6
Percentage of scheme assets
(19.1)%
2.6%
Return on scheme liabilities (\u00a3m)
7.4
(20.4)
Percentage of the present value of the scheme liabilities
(4.0)%
9.4%
Total amount recognised in Other Comprehensive Income (\u00a3m)
10.2
(0.1)
Percentage of the present value of the scheme liabilities
(5.5)%
0.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-700": { "value": "
27 SHARE CAPITAL AND OTHER RESERVES
Capital
Nominal Share Share Merger redemption
Number of value capital premium reserve reserve
Allotted, called u
p
and full
y
p
aid
shares \u00a3 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance at 1 January 2023
698,757,075
69.9
1,697.4
143.9
9.3
Private placing
1
28,300,000
0.1
2.8
91.7
\u2013
\u2013
Issuance of shares to SIP
2
1,017,505
0.1
0.1
\u2013
\u2013
\u2013
Exercise of warrant options
3
8,990,975
0.1
0.9
14.1
\u2013
\u2013
Placing
4
58,245,957
0.1
5.9
206.9
\u2013
\u2013
Consideration shares
5
28,352,273
0.1
2.8
84.4
\u2013
\u2013
Balance as at 31 December 2023 and 1 January 2024
823,663,785
82.4
2,094.5
143.9
9.3
Issuance of shares as part of vested long-term incentive plans
6
78,050
0.1
0.0
\u2013
\u2013
\u2013
Issuance of shares to SIP
7
1,283,696
0.1
0.1
\u2013
\u2013
\u2013
Non-pre-emptive Placing
8
111,249,416
0.1
11.1
98.1
\u2013
\u2013
Closing balance at 31 December 2024
936,274,947
93.6
2,192.6
143.9
9.3
1. On 26 May 2023, the Company issued 28,300,000 ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a394.8m with \u00a32.8m recognised as share
capital and the remaining \u00a392.0m recognised as share premium. Transaction fees of \u00a30.3m were deducted from share premium.
2. On 30 May 2023, the Company issued 1,017,505 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m
recognised as share capital.
3. On 4 July 2023, 3,686,017 ordinary shares were issued to satisfy the redemption of certain warrant options. Further issuances of 3,980,921 ordinary shares on 12 July 2023 and 1,324,037 ordinary
shares on 31 July 2023 took place. These transactions resulted in the recognition of \u00a30.9m of share capital with the balance of \u00a314.1m being recognised as share premium.
4. On 3 August 2023, the Company issued a total of 58,245,957 ordinary shares comprising 56,750,000 placing shares, 1,078,168 retail offer shares and 417,789 Director subscription shares.
The shares were issued at 371p raising gross proceeds of \u00a3216.1m, with \u00a35.9m recognised as share capital, the remaining \u00a3210.2m as share premium, offset by \u00a33.3m of fees.
5. On 6 November 2023, the Company issued consideration shares to Lucid Group, Inc. in part payment for access to technology. The fair value of technology was evaluated (see note 12) which
determined the issue price of the shares. \u00a32.8m was recognised as share capital with an initial \u00a385.8m as share premium. \u00a31.4m of transaction fees were then deducted from share premium.
6. On 6 March 2024, the Company issued 78,050 ordinary shares to satisfy the vesting of the 2021 Long Term Incentive Plan and buyout award. The shares were issued at nominal value and resulted
in the recognition of <\u00a30.1m of share capital and no impact upon share premium.
7. On 13 May 2024, the Company issued 1,283,696 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m
recognised in share capital.
8. On 29 November 2024, the Company issued a total of 111,249,416 ordinary shares comprising 109,000,000 placing shares, 1,249,416 retail offer shares and 1,000,000 Director subscription
shares by way of a non-pre-emptive placing. The shares were issued at 100p, raising gross proceeds of \u00a3111.2m, with \u00a311.1m recognised as share capital and the remaining \u00a3100.1m recognised
as share premium. Transaction fees of \u00a32.0m were deducted from share premium.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-663": { "value": "27 SHARE CAPITAL AND OTHER RESERVES
Capital
Nominal Share Share Merger redemption
Number of value capital premium reserve reserve
Allotted, called u
p
and full
y
p
aid
shares \u00a3 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance at 1 January 2023
698,757,075
69.9
1,697.4
143.9
9.3
Private placing
1
28,300,000
0.1
2.8
91.7
\u2013
\u2013
Issuance of shares to SIP
2
1,017,505
0.1
0.1
\u2013
\u2013
\u2013
Exercise of warrant options
3
8,990,975
0.1
0.9
14.1
\u2013
\u2013
Placing
4
58,245,957
0.1
5.9
206.9
\u2013
\u2013
Consideration shares
5
28,352,273
0.1
2.8
84.4
\u2013
\u2013
Balance as at 31 December 2023 and 1 January 2024
823,663,785
82.4
2,094.5
143.9
9.3
Issuance of shares as part of vested long-term incentive plans
6
78,050
0.1
0.0
\u2013
\u2013
\u2013
Issuance of shares to SIP
7
1,283,696
0.1
0.1
\u2013
\u2013
\u2013
Non-pre-emptive Placing
8
111,249,416
0.1
11.1
98.1
\u2013
\u2013
Closing balance at 31 December 2024
936,274,947
93.6
2,192.6
143.9
9.3
1. On 26 May 2023, the Company issued 28,300,000 ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a394.8m with \u00a32.8m recognised as share capital and the remaining \u00a392.0m recognised as share premium. Transaction fees of \u00a30.3m were deducted from share premium. 2. On 30 May 2023, the Company issued 1,017,505 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m recognised as share capital. 3. On 4 July 2023, 3,686,017 ordinary shares were issued to satisfy the redemption of certain warrant options. Further issuances of 3,980,921 ordinary shares on 12 July 2023 and 1,324,037 ordinary shares on 31 July 2023 took place. These transactions resulted in the recognition of \u00a30.9m of share capital with the balance of \u00a314.1m being recognised as share premium. 4. On 3 August 2023, the Company issued a total of 58,245,957 ordinary shares comprising 56,750,000 placing shares, 1,078,168 retail offer shares and 417,789 Director subscription shares. The shares were issued at 371p raising gross proceeds of \u00a3216.1m, with \u00a35.9m recognised as share capital, the remaining \u00a3210.2m as share premium, offset by \u00a33.3m of fees. 5. On 6 November 2023, the Company issued consideration shares to Lucid Group, Inc. in part payment for access to technology. The fair value of technology was evaluated (see note 12) which determined the issue price of the shares. \u00a32.8m was recognised as share capital with an initial \u00a385.8m as share premium. \u00a31.4m of transaction fees were then deducted from share premium. 6. On 6 March 2024, the Company issued 78,050 ordinary shares to satisfy the vesting of the 2021 Long Term Incentive Plan and buyout award. The shares were issued at nominal value and resulted in the recognition of <\u00a30.1m of share capital and no impact upon share premium. 7. On 13 May 2024, the Company issued 1,283,696 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m recognised in share capital. 8. On 29 November 2024, the Company issued a total of 111,249,416 ordinary shares comprising 109,000,000 placing shares, 1,249,416 retail offer shares and 1,000,000 Director subscription shares by way of a non-pre-emptive placing. The shares were issued at 100p, raising gross proceeds of \u00a3111.2m, with \u00a311.1m recognised as share capital and the remaining \u00a3100.1m recognised as share premium. Transaction fees of \u00a32.0m were deducted from share premium.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-724": { "value": "27 SHARE CAPITAL AND OTHER RESERVES
Capital
Nominal Share Share Merger redemption
Number of value capital premium reserve reserve
Allotted, called u
p
and full
y
p
aid
shares \u00a3 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance at 1 January 2023
698,757,075
69.9
1,697.4
143.9
9.3
Private placing
1
28,300,000
0.1
2.8
91.7
\u2013
\u2013
Issuance of shares to SIP
2
1,017,505
0.1
0.1
\u2013
\u2013
\u2013
Exercise of warrant options
3
8,990,975
0.1
0.9
14.1
\u2013
\u2013
Placing
4
58,245,957
0.1
5.9
206.9
\u2013
\u2013
Consideration shares
5
28,352,273
0.1
2.8
84.4
\u2013
\u2013
Balance as at 31 December 2023 and 1 January 2024
823,663,785
82.4
2,094.5
143.9
9.3
Issuance of shares as part of vested long-term incentive plans
6
78,050
0.1
0.0
\u2013
\u2013
\u2013
Issuance of shares to SIP
7
1,283,696
0.1
0.1
\u2013
\u2013
\u2013
Non-pre-emptive Placing
8
111,249,416
0.1
11.1
98.1
\u2013
\u2013
Closing balance at 31 December 2024
936,274,947
93.6
2,192.6
143.9
9.3
1. On 26 May 2023, the Company issued 28,300,000 ordinary shares by way of a private placing. The shares were issued at 335p raising gross proceeds of \u00a394.8m with \u00a32.8m recognised as share capital and the remaining \u00a392.0m recognised as share premium. Transaction fees of \u00a30.3m were deducted from share premium. 2. On 30 May 2023, the Company issued 1,017,505 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m recognised as share capital. 3. On 4 July 2023, 3,686,017 ordinary shares were issued to satisfy the redemption of certain warrant options. Further issuances of 3,980,921 ordinary shares on 12 July 2023 and 1,324,037 ordinary shares on 31 July 2023 took place. These transactions resulted in the recognition of \u00a30.9m of share capital with the balance of \u00a314.1m being recognised as share premium. 4. On 3 August 2023, the Company issued a total of 58,245,957 ordinary shares comprising 56,750,000 placing shares, 1,078,168 retail offer shares and 417,789 Director subscription shares. The shares were issued at 371p raising gross proceeds of \u00a3216.1m, with \u00a35.9m recognised as share capital, the remaining \u00a3210.2m as share premium, offset by \u00a33.3m of fees. 5. On 6 November 2023, the Company issued consideration shares to Lucid Group, Inc. in part payment for access to technology. The fair value of technology was evaluated (see note 12) which determined the issue price of the shares. \u00a32.8m was recognised as share capital with an initial \u00a385.8m as share premium. \u00a31.4m of transaction fees were then deducted from share premium. 6. On 6 March 2024, the Company issued 78,050 ordinary shares to satisfy the vesting of the 2021 Long Term Incentive Plan and buyout award. The shares were issued at nominal value and resulted in the recognition of <\u00a30.1m of share capital and no impact upon share premium. 7. On 13 May 2024, the Company issued 1,283,696 ordinary shares under the Company\u2019s Share Incentive Plan at nominal value. A transfer from retained earnings of \u00a30.1m took place, with \u00a30.1m recognised in share capital. 8. On 29 November 2024, the Company issued a total of 111,249,416 ordinary shares comprising 109,000,000 placing shares, 1,249,416 retail offer shares and 1,000,000 Director subscription shares by way of a non-pre-emptive placing. The shares were issued at 100p, raising gross proceeds of \u00a3111.2m, with \u00a311.1m recognised as share capital and the remaining \u00a3100.1m recognised as share premium. Transaction fees of \u00a32.0m were deducted from share premium.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-664": { "value": "28 ADDITIONAL CASH FLOW INFORMATION Reconciliation of movements of select liabilities to cash flows arising from financing activities The tables below reconcile movements of liabilities classified within net debt (note 24) to cash flows arising from financing activities for the years ended 31 December 2024 and 2023.
Other
borrowings and $1,184.0m 10.5% $335m 15% $1,050m 10% \u00a3565m 10.375%
inventory Lease First Lien Second Lien Senior Secured Senior Secured
arrangements Liabilities Notes Notes Notes Notes Total
Liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
129.1
97.3
890.0
90.3
\u2013
\u2013
1,206.7
Changes from financing cash flows
Interest paid
(6.2)
(4.2)
(36.6)
(3.3)
(45.0)
(26.7)
(122.0)
Principal lease payment
\u2013
(9.5)
\u2013
\u2013
\u2013
\u2013
(9.5)
Proceeds from new borrowings
10.0
\u2013
\u2013
\u2013
823.6
561.0
1,394.6
Repayment of existing borrowings
(90.0)
\u2013
(897.2)
(97.7)
\u2013
\u2013
(1,084.9)
Premium paid on the early redemption of Senior
Secured Notes
\u2013
\u2013
(28.1)
(7.6)
\u2013
\u2013
(35.7)
Inventory repurchase repayment
(80.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(80.0)
Inventory repurchase drawdown
75.4
\u2013
\u2013
\u2013
\u2013
\u2013
75.4
Total changes from financing cash flows
(90.8)
(13.7)
(961.9)
(108.6)
778.6
534.3
137.9
Effect of changes in exchange rates
\u2013
(0.5)
\u2013
\u2013
14.1
\u2013
13.6
New leases under IFRS 16
\u2013
7.7
\u2013
\u2013
\u2013
\u2013
7.7
Modifications to existing leases
\u2013
1.6
\u2013
\u2013
\u2013
\u2013
1.6
Interest expense
15.3
4.2
56.2
16.9
61.6
37.1
191.3
Movement in accrued interest
(0.6)
\u2013
15.7
1.4
(14.0)
(8.8)
(6.3)
Transaction costs incurred
(2.0)
\u2013
\u2013
\u2013
(14.1)
(9.9)
(26.0)
Financing expense in the Consolidated Income
Statement classified as operating cash flow
(4.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(4.2)
Balance at 31 December 2024
46.8
96.6
\u2013
\u2013
826.2
552.7
1,522.3
Other borrowings $335m 15%
and inventory Lease $1,184.0m 10.5% Second Lien
arrangements Liabilities First Lien Notes Notes Total
Liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
145.3
99.8
935.0
169.0
1,349.1
Changes from financing cash flows
Interest paid
(3.6)
(4.1)
(97.9)
(16.9)
(122.5)
Principal lease payment
\u2013
(7.9)
\u2013
\u2013
(7.9)
Proceeds from new borrowings
11.5
\u2013
\u2013
\u2013
11.5
Repayment of existing borrowings
(30.0)
\u2013
\u2013
(99.7)
(129.7)
Premium paid on the early redemption of Senior Secured Notes
\u2013
\u2013
\u2013
(8.0)
(8.0)
Inventory repurchase repayment
(40.0)
\u2013
\u2013
\u2013
(40.0)
Inventory repurchase drawdown
38.0
\u2013
\u2013
\u2013
38.0
Total changes from financing cash flows
(24.1)
(12.0)
(97.9)
(124.6)
(258.6)
Effect of changes in exchange rates
\u2013
(1.0)
(54.0)
(6.8)
(61.8)
New leases under IFRS 16
\u2013
5.8
\u2013
\u2013
5.8
Modifications to existing leases
\u2013
0.6
\u2013
\u2013
0.6
Interest expense
11.0
4.1
106.4
51.4
172.9
Movement in accrued interest
(0.6)
\u2013
0.5
1.3
1.2
Financing expense in the Consolidated Income Statement classified
as operating cash flow
(2.5)
\u2013
\u2013
\u2013
(2.5)
Balance at 31 December 2023
129.1
97.3
890.0
90.3
1,206.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-701": { "value": "Reconciliation of movements of select liabilities to cash flows arising from financing activities The tables below reconcile movements of liabilities classified within net debt (note 24) to cash flows arising from financing activities for the years ended 31 December 2024 and 2023.
Other
borrowings and $1,184.0m 10.5% $335m 15% $1,050m 10% \u00a3565m 10.375%
inventory Lease First Lien Second Lien Senior Secured Senior Secured
arrangements Liabilities Notes Notes Notes Notes Total
Liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
129.1
97.3
890.0
90.3
\u2013
\u2013
1,206.7
Changes from financing cash flows
Interest paid
(6.2)
(4.2)
(36.6)
(3.3)
(45.0)
(26.7)
(122.0)
Principal lease payment
\u2013
(9.5)
\u2013
\u2013
\u2013
\u2013
(9.5)
Proceeds from new borrowings
10.0
\u2013
\u2013
\u2013
823.6
561.0
1,394.6
Repayment of existing borrowings
(90.0)
\u2013
(897.2)
(97.7)
\u2013
\u2013
(1,084.9)
Premium paid on the early redemption of Senior
Secured Notes
\u2013
\u2013
(28.1)
(7.6)
\u2013
\u2013
(35.7)
Inventory repurchase repayment
(80.0)
\u2013
\u2013
\u2013
\u2013
\u2013
(80.0)
Inventory repurchase drawdown
75.4
\u2013
\u2013
\u2013
\u2013
\u2013
75.4
Total changes from financing cash flows
(90.8)
(13.7)
(961.9)
(108.6)
778.6
534.3
137.9
Effect of changes in exchange rates
\u2013
(0.5)
\u2013
\u2013
14.1
\u2013
13.6
New leases under IFRS 16
\u2013
7.7
\u2013
\u2013
\u2013
\u2013
7.7
Modifications to existing leases
\u2013
1.6
\u2013
\u2013
\u2013
\u2013
1.6
Interest expense
15.3
4.2
56.2
16.9
61.6
37.1
191.3
Movement in accrued interest
(0.6)
\u2013
15.7
1.4
(14.0)
(8.8)
(6.3)
Transaction costs incurred
(2.0)
\u2013
\u2013
\u2013
(14.1)
(9.9)
(26.0)
Financing expense in the Consolidated Income
Statement classified as operating cash flow
(4.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(4.2)
Balance at 31 December 2024
46.8
96.6
\u2013
\u2013
826.2
552.7
1,522.3
Other borrowings $335m 15%
and inventory Lease $1,184.0m 10.5% Second Lien
arrangements Liabilities First Lien Notes Notes Total
Liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
145.3
99.8
935.0
169.0
1,349.1
Changes from financing cash flows
Interest paid
(3.6)
(4.1)
(97.9)
(16.9)
(122.5)
Principal lease payment
\u2013
(7.9)
\u2013
\u2013
(7.9)
Proceeds from new borrowings
11.5
\u2013
\u2013
\u2013
11.5
Repayment of existing borrowings
(30.0)
\u2013
\u2013
(99.7)
(129.7)
Premium paid on the early redemption of Senior Secured Notes
\u2013
\u2013
\u2013
(8.0)
(8.0)
Inventory repurchase repayment
(40.0)
\u2013
\u2013
\u2013
(40.0)
Inventory repurchase drawdown
38.0
\u2013
\u2013
\u2013
38.0
Total changes from financing cash flows
(24.1)
(12.0)
(97.9)
(124.6)
(258.6)
Effect of changes in exchange rates
\u2013
(1.0)
(54.0)
(6.8)
(61.8)
New leases under IFRS 16
\u2013
5.8
\u2013
\u2013
5.8
Modifications to existing leases
\u2013
0.6
\u2013
\u2013
0.6
Interest expense
11.0
4.1
106.4
51.4
172.9
Movement in accrued interest
(0.6)
\u2013
0.5
1.3
1.2
Financing expense in the Consolidated Income Statement classified
as operating cash flow
(2.5)
\u2013
\u2013
\u2013
(2.5)
Balance at 31 December 2023
129.1
97.3
890.0
90.3
1,206.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-665": { "value": "29 SHARE-BASED PAYMENTS Long-term incentive schemes On 4 June 2024, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long-Term Incentive Plan (\u201c2024 LTIP\u201d). On 5 November 2024, the CEO was granted share awards under the 2024 LTIP. On 9 December 2024, additional employees were granted conditional share awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was \u00a32.8m. On 24 May 2023, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long-Term Incentive Plan (\u201c2023 LTIP\u201d). On 12 December 2023, additional employees were granted conditional share awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was \u00a32.8m (2023: \u00a33.4m). On 13 and 14 June 2022, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long-Term Incentive Plan (\u201c2022 LTIP\u201d). On 15 December 2022, additional employees were granted conditional share awards under an extension to the same plan. The total credit recognised in the Consolidated Income Statement in relation to this scheme was \u00a31.9m (2023: charge of \u00a31.6m). On 14 June 2021, Executive Directors and certain other employees were granted conditional share awards under the Company\u2019s Long-Term Incentive Plan (\u201c2021 LTIP\u201d). On 14 December 2021, additional employees were granted conditional share awards under an extension to the same plan. The total charge recognised in the Consolidated Income Statement in relation to this scheme was \u00a30.1m (2023: \u00a3nil). A total of 80,800 shares vested under the scheme, of which 9,644 were exercised at nil cost. The fair value of equity-settled share options and share awards granted is estimated at the date of grant using share option valuation models. The schemes are valued using the Monte Carlo model. The following tables list the inputs to the models for share-based payment costs in the year:
2024 grant 2023 grant 2022 grant
of 2024
LTIP
of 2023
LTIP
of 2022
LTIP
Aggregate fair value at measurement date (\u00a3m)
17.4
18.6
6.1
Exercise price (p)
\u00a3nil
\u00a3nil
\u00a3nil
Expected volatility (%)
65.0%
70.0%
50.0%
Dividend yield (%)
N/A
N/A
N/A
Risk free interest rate (%)
4.34%
4.25%
2.16%
The expected volatility is wholly based on the historical volatility of the Company\u2019s share price over a period from listing in 2018 to date. The following table details the outstanding options under the LTIP schemes:
2024 2023
Number
Numbe
r
Options outstanding at 1 January
12,684,126
5,267,164
Granted
16,855,644
8,329,424
Forfeited
(3,898,537)
(499,228)
Lapsed due to non-attainment of conditions
(3,603,841)
(413,234)
Exercised
(9,644)
\u2013
Options outstanding at 31 December
22,027,748
12,684,126
Free employee shares On 5 June 2024, all UK employees of the Group were awarded up to 500 free shares in the Company under a Share Incentive Plan. A total of 1,283,696 shares were issued to the Aston Martin Employee Share Trust and immediately vested (see note 27). Employees must remain employed for a period of three years to earn the shares, otherwise they are forfeited. Employees within the Group not domiciled in the UK were awarded 500 free options under the LTIP rules. A total of 83,049 options were granted to these employees. Provided those employees remain employed by the Company for three years, the nil-cost options will vest with no other performance conditions. On 19 May 2023, all UK employees of the Group were awarded up to 425 free shares in the Company under a Share Incentive Plan. A total of 1,017,505 shares were issued to the Aston Martin Employee Share Trust and immediately vested (see note 27). Employees must remain employed for a period of three years to earn the shares, otherwise they are forfeited. Employees within the Group not domiciled in the UK were awarded 425 free options under the LTIP rules. A total of 57,322 options were granted to these employees. Provided those employees remain employed by the Company for three years, the nil-cost options will vest with no other performance conditions.
The total charge recognised in the Consolidated Income Statement in relation to the free employee shares schemes was \u00a31.0m (2023: \u00a30.4m).
The following table details the outstanding shares under both the UK and non-UK scheme combined:
2024 2023
Number
Numbe
r
Awards/options outstanding at 1 January
1,024,416
\u2013
Granted
1,366,745
1,074,827
Forfeited
(49,466)
(50,411)
Awards/options outstanding at 31 December
2,341,695
1,024,416
Other share-based payments
On 5 June 2024 the CEO was awarded a combined 109,677 nil-cost options under the Deferred Share Bonus Plan(\u201cDSBP\u201d). These options vest on 5 June 2027.
The total expense arising from equity-settled share-based payments is as follows:
2024 2023
\u00a3m \u00a3m
2024
LTIP share option charge
2.8
\u2013
2023
LTIP share option charge
2.8
3.4
2022
LTIP share option charge
(1.9)
1.6
2021
LTIP share option charge
0.1
\u2013
Employee Share Incentive Plan
1.0
0.4
4.8
5.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-666": { "value": "
30 CAPITAL COMMITMENTS
Property, plant and equipment expenditure contracts to the value of \u00a334.3m (2023: \u00a337.3m) have been committed but not provided for as at 31 December 2024.
Contracts to the value of \u00a327.8m (2023: \u00a361.3m) have been committed for the acquisition of intangible assets but not provided for as at 31 December 2024.
Certain contracts contain financial commitments, in particular purchase commitments and guarantees, which are of a magnitude typical for the industry.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-725": { "value": "30 CAPITAL COMMITMENTS Property, plant and equipment expenditure contracts to the value of \u00a334.3m (2023: \u00a337.3m) have been committed but not provided for as at 31 December 2024. Contracts to the value of \u00a327.8m (2023: \u00a361.3m) have been committed for the acquisition of intangible assets but not provided for as at 31 December 2024. Certain contracts contain financial commitments, in particular purchase commitments and guarantees, which are of a magnitude typical for the industry. 32 CONTINGENT LIABILITIES In the normal course of the Group\u2019s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers, employees or others are pending or may be brought against Group entities arising out of current or past operations. There is presently a dispute between the Group and the other shareholders of one of its subsidiary entities, which is ongoing and from which a future obligation may arise. The Group denies the claims made and is working to resolve the matter.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-726": { "value": "31 RELATED PARTY TRANSACTIONS Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. Transactions with Directors and related undertakings Transactions during 2024 During the year ended 31 December 2024, a net marketing expense amounting to \u00a318.9m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\"AMR GP\"), an entity indirectly controlled by a member of the Group's Key Management Personnel (\"KMP\"). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.9m remains due from AMR GP at 31 December 2024 relating to these transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to each of the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group's KMP. In addition, the Group incurred costs of \u00a35.1m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance Technologies Limited (\"AMPT\") of which \u00a31.3m is outstanding to AMPT at 31 December 2024. AMPT is an associated entity of AMR GP. During the year ended 31 December 2024, Classic Automobiles Inc. purchased a vehicle for \u00a33.3m of which \u00a3nil was outstanding at 31 December 2024. Classic Automobiles Inc. is controlled by a member of the Group's KMP. During the year ended 31 December 2024, the Group incurred a rental expense of \u00a31.3m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group's KMP and Non-Executive Director is also a member of Capri Holdings Limited KMP. During the year ended 31 December 2024, the Group incurred expenses of \u00a33.8m from Lucid, Inc relating to the implementation work for the technology purchased in 2023. \u00a30.6m was outstanding as at 31 December 2024. An outstanding cash liability of \u00a371.7m relating to the technology supply arrangement entered in 2023 remains as at 31 December 2024, all of which is due in 2025 or later. The supply arrangement commits to an effective future minimum spend with Lucid on powertrain components of \u00a3177.0m. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (\u201cPIF\u201d). PIF are a substantial shareholder of the Group, and two members of the Group's KMP & Non-Executive Directors are members of PIF's KMP. During the year ended 31 December 2024, the Group incurred costs of \u00a30.4m for safety testing services from companies within the Geely Holding Group of companies. A further \u00a30.6m of expense was incurred relating to a feasibility study for vehicle development. Owing to the nature of such a study, there is no comparable market offering. A member of the Group's KMP and Non-Executive Director is also a member of Zhejiang Geely Holding Group Co., Limited KMP. \u00a3nil is outstanding as at 31 December 2024. Transactions during 2023 During the year ended 31 December 2023, a net marketing expense amounting to \u00a319.4m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key Management Personnel (\u201cKMP\u201d). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.7m remains due from AMR GP at 31 December 2023 relating to these transactions. During the year ended 31 December 2023 the Group extended its sponsorship arrangements with AMR GP for a further period of five years commencing in 2026. Amounts under this arrangement are due within each financial year from 2026. The Group also exercised its primary warrant option and subscribed for reward shares under the terms of the original sponsorship arrangement giving the Group a minority stake in AMR GP Holdings Limited, the immediate parent company of AMR GP limited. The Group paid nominal value for the shares of which \u00a3nil was outstanding at year end. Further detail is included in notes 15 and 20. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. A separate immediate family member of one of the Group's KMP incurred costs of less than \u00a30.1m relating to the export and transport of a vehicle. The services were provided by a Group company. \u00a3nil was outstanding at 31 December 2023. In addition, the Group incurred costs of \u00a38.5m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance Technologies Limited (\u201cAMPT\u201d) of which \u00a32.8m is outstanding to AMPT at 31 December 2023. AMPT is an associated entity of AMR GP. During the year ended 31 December 2023, Classic Automobiles Inc. purchased a vehicle for \u00a31.8m of which \u00a3nil was outstanding at 31 December 2023. Classic Automobiles Inc. is controlled by a member of the Group\u2019s KMP. During the year ended 31 December 2023, a separate member of the Group\u2019s KMP and Non-executive Director purchased a vehicle for \u00a31.8m, having paid a deposit to the Group in the first half of the year. \u00a3nil was outstanding at 31 December 2023. On 26 June 2023, the Group announced a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) for future access to powertrain components for future BEV models. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (\u201cPIF\u201d). PIF are also a substantial shareholder of the Group and two members of the Group\u2019s KMP & Non-executive Directors are members of PIF\u2019s KMP. The Group recognised an asset of \u00a3188.5m in relation to the supply agreement. The agreement is part-settled in equity, which was issued to Lucid in November 2023. An outstanding cash liability of \u00a371.7m relating to the supply arrangement remains at 31 December 2023, all of which is due in more than one year. The supply arrangements, commit to an effective future minimum spend with Lucid on powertrain components of \u00a3177.0m. During the year ended 31 December 2023, the Group incurred costs of \u00a32.0m for design and engineering work from Pininfarina S.p.A. A member of the Group\u2019s KMP and Non-executive Director is also a member of Pininfarina S.p.A\u2019s KMP. As of 19 May 2023 the individual ceased to be a member of the Group\u2019s KMP and therefore any future spend under the contract will not be disclosed as a related party transaction. \u00a3nil is outstanding as at 31 December 2023. During the year ended 31 December 2023, the Group incurred a rental expense of \u00a31.2m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group\u2019s KMP and Non-executive Director is also a member of Michael Kors (USA), Inc.\u2019s KMP. During the year ended 31 December 2023, the Group incurred consultancy costs of \u00a30.2m from a member of the Group\u2019s KMP and Non-executive Director in relation to the oversight of two significant legal claims which the Group has been party to. \u00a30.1m was outstanding as at 31 December 2023. Owing to the unique experience of the individual involved and the specifics of the legal claims, no detailed market price assessment was performed when engaging this service. During the year ended 31 December 2023, an immediate family member of the Group\u2019s KMP & Non-executive Director provided event services at the opening of Q New York totalling less than \u00a30.1m of expense. \u00a3nil was outstanding at 31 December 2023. No detailed market price assessment was performed when engaging this service. 31 RELATED PARTY TRANSACTIONS CONTINUED Terms and conditions of transactions with related parties Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances with entities other than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice. Terms and conditions for transactions with subsidiaries are the same, with the exception that balances are placed on inter-company accounts. The Group has not provided or benefited from any guarantees for any related party receivables or payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-667": { "value": "31 RELATED PARTY TRANSACTIONS Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. Transactions with Directors and related undertakings Transactions during 2024 During the year ended 31 December 2024, a net marketing expense amounting to \u00a318.9m of sponsorship has been incurred in the normal course of business with AMR GP Limited (\"AMR GP\"), an entity indirectly controlled by a member of the Group's Key Management Personnel (\"KMP\"). AMR GP and its legal structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.9m remains due from AMR GP at 31 December 2024 relating to these transactions. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to each of the two AMR GP racing drivers free of charge. This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the Group. One of the racing drivers is an immediate family member of one of the Group's KMP. In addition, the Group incurred costs of \u00a35.1m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance Technologies Limited (\"AMPT\") of which \u00a31.3m is outstanding to AMPT at 31 December 2024. AMPT is an associated entity of AMR GP. During the year ended 31 December 2024, Classic Automobiles Inc. purchased a vehicle for \u00a33.3m of which \u00a3nil was outstanding at 31 December 2024. Classic Automobiles Inc. is controlled by a member of the Group's KMP. During the year ended 31 December 2024, the Group incurred a rental expense of \u00a31.3m from Michael Kors (USA), Inc., a Company which is owned by Capri Holdings Limited. A member of the Group's KMP and Non-Executive Director is also a member of Capri Holdings Limited KMP. During the year ended 31 December 2024, the Group incurred expenses of \u00a33.8m from Lucid, Inc relating to the implementation work for the technology purchased in 2023. \u00a30.6m was outstanding as at 31 December 2024. An outstanding cash liability of \u00a371.7m relating to the technology supply arrangement entered in 2023 remains as at 31 December 2024, all of which is due in 2025 or later. The supply arrangement commits to an effective future minimum spend with Lucid on powertrain components of \u00a3177.0m. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (\u201cPIF\u201d). PIF are a substantial shareholder of the Group, and two members of the Group's KMP & Non-Executive Directors are members of PIF's KMP. 31 RELATED PARTY TRANSACTIONS CONTINUED Transactions with Directors and related undertakings continued Transactions during 2024 continued During
During the year ended 31 December 2024, the Group incurred costs of \u00a30.4m for safety testing services from companies within the Geely Holding Group
of companies. A further \u00a30.6m of expense was incurred relating to a feasibility study for vehicle development. Owing to the nature of such a study, there is
no comparable market offering. A member of the Group's KMP and Non-Executive Director is also a member of Zhejiang Geely Holding Group Co.,
Limited KMP. \u00a3nil is outstanding as at 31 December 2024.
Transactions during 2023
During the year ended 31 December 2023, a net marketing expense amounting to \u00a319.4m of sponsorship has been incurred in the normal course of business
with AMR GP Limited (\u201cAMR GP\u201d), an entity indirectly controlled by a member of the Group\u2019s Key Management Personnel (\u201cKMP\u201d). AMR GP and its legal
structure is separate to that of the Group and the Group does not have control or significant influence over AMR GP or its affiliates. \u00a30.7m remains due from
AMR GP at 31 December 2023 relating to these transactions.
During the year ended 31 December 2023 the Group extended its sponsorship arrangements with AMR GP for a further period of five years commencing
in 2026. Amounts under this arrangement are due within each financial year from 2026. The Group also exercised its primary warrant option and subscribed
for reward shares under the terms of the original sponsorship arrangement giving the Group a minority stake in AMR GP Holdings Limited, the immediate
parent company of AMR GP limited. The Group paid nominal value for the shares of which \u00a3nil was outstanding at year end. Further detail is included in notes
15 and 20. Under the terms of the sponsorship agreement the Group is required to provide one fleet vehicle to the two AMR GP racing drivers free of charge.
This arrangement is expected to continue for the life of the contract and is not expected to materially affect the financial position and performance of the
Group. One of the racing drivers is an immediate family member of one of the Group\u2019s KMP. A separate immediate family member of one of the Group's KMP
incurred costs of less than \u00a30.1m relating to the export and transport of a vehicle. The services were provided by a Group company. \u00a3nil was outstanding at
31 December 2023.
In addition, the Group incurred costs of \u00a38.5m associated with engineering design on two upcoming vehicle programmes from Aston Martin Performance
Technologies Limited (\u201cAMPT\u201d) of which \u00a32.8m is outstanding to AMPT at 31 December 2023. AMPT is an associated entity of AMR GP.
During the year ended 31 December 2023, Classic Automobiles Inc. purchased a vehicle for \u00a31.8m of which \u00a3nil was outstanding at 31 December 2023.
Classic Automobiles Inc. is controlled by a member of the Group\u2019s KMP.
During the year ended 31 December 2023, a separate member of the Group\u2019s KMP and Non-executive Director purchased a vehicle for \u00a31.8m, having paid
a deposit to the Group in the first half of the year. \u00a3nil was outstanding at 31 December 2023.
On 26 June 2023, the Group announced a strategic supply arrangement with Lucid Group, Inc. (\u201cLucid\u201d) for future access to powertrain components for future
BEV models. The arrangement is considered a Related Party Transaction owing to the substantial ownership of Lucid by the Public Investment Fund (\u201cPIF\u201d).
PIF are also a substantial shareholder of the Group and two members of the Group\u2019s KMP & Non-executive Directors are members of PIF\u2019s KMP. The Group
recognised an asset of \u00a3188.5m in relation to the supply agreement. The agreement is part-settled in equity, which was issued to Lucid in November 2023.
An outstanding cash liability of \u00a371.7m relating to the supply arrangement remains at 31 December 2023, all of which is due in more than one year. The supply
arrangements, commit to an effective future minimum spend with Lucid on powertrain components of \u00a3177.0m.
During the year ended 31 December 2023, the Group incurred costs of \u00a32.0m for design and engineering work from Pininfarina S.p.A. A member of the
Group\u2019s KMP and Non-executive Director is also a member of Pininfarina S.p.A\u2019s KMP. As of 19 May 2023 the individual ceased to be a member of the Group\u2019s
KMP and therefore any future spend under the contract will not be disclosed as a related party transaction. \u00a3nil is outstanding as at 31 December 2023.
During the year ended 31 December 2023, the Group incurred a rental expense of \u00a31.2m from Michael Kors (USA), Inc., a Company which is owned by
Capri Holdings Limited. A member of the Group\u2019s KMP and Non-executive Director is also a member of Michael Kors (USA), Inc.\u2019s KMP.
During the year ended 31 December 2023, the Group incurred consultancy costs of \u00a30.2m from a member of the Group\u2019s KMP and Non-executive Director in
relation to the oversight of two significant legal claims which the Group has been party to. \u00a30.1m was outstanding as at 31 December 2023. Owing to the unique
experience of the individual involved and the specifics of the legal claims, no detailed market price assessment was performed when engaging this service.
During the year ended 31 December 2023, an immediate family member of the Group\u2019s KMP & Non-executive Director provided event services at the opening
of Q New York totalling less than \u00a30.1m of expense. \u00a3nil was outstanding at 31 December 2023. No detailed market price assessment was performed when
engaging this service.
31 RELATED PARTY TRANSACTIONS CONTINUED
Terms and conditions of transactions with related parties
Sales and purchases between related parties were made at normal market prices unless otherwise stated. Outstanding balances with entities other
than subsidiaries are unsecured and interest free and cash settlement is expected within 60 days of invoice. Terms and conditions for transactions with
subsidiaries are the same, with the exception that balances are placed on inter-company accounts. The Group has not provided or benefited from any
guarantees for any related party receivables or payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-668": { "value": "
32 CONTINGENT LIABILITIES
In the normal course of the Group\u2019s business, claims, disputes, and legal proceedings involving customers, dealers, suppliers, employees or others are pending
or may be brought against Group entities arising out of current or past operations. There is presently a dispute between the Group and the other shareholders
of one of its subsidiary entities, which is ongoing and from which a future obligation may arise. The Group denies the claims made and is working to resolve
the matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-669": { "value": "33 GROUP COMPANIES In accordance with Section 409 of the Companies Act 2006, a full list of entities in which the Group has an interest of greater than or equal to 20%, the registered office and effective percentage of equity owned as at 31 December 2024 are disclosed below. Investments in subsidiary undertakings
Proportion of
voting rights
Subsidiar
y
undertakin
g
s
Holdin
g
and shares held
Nature of business
Aston Martin Holdings (UK) Limited*
Ordinary
100%
Dormant company
Aston Martin Capital Holdings Limited**\u25ca
Ordinary
100%
Financing company holding the Senior Secured Notes
Aston Martin Investments Limited**
Ordinary
100%
Holding company
Aston Martin Capital Limited**\u25ca
Ordinary
100%
Dormant company \u2013 financing company that held Senior
Secured Notes that were repaid in 2017
Aston Martin Lagonda Group Limited**
Ordinary
100%
Holding company
Aston Martin Lagonda of North America Incorporated**^
Ordinary
100%
Luxury sports car distributor
Lagonda Properties Limited**
Ordinary
100%
Dormant company
Aston Martin Lagonda Pension Trustees Limited**
Ordinary
100%
Trustee of the Aston Martin Lagonda Limited
Pension Scheme
Aston Martin Lagonda Limited**
Ordinary
100%
Manufacture and sale of luxury sports cars, the sale of
parts, brand licensing and motorsport activities
AM Brands Limited**\u25ca
Ordinary
100%
Non-trading company
Aston Martin Lagonda of Europe GmbH**>
Ordinary
100%
Provision of engineering and sales and marketing services
AML Overseas Services Limited**
Ordinary
100%
Dormant company
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd**\u221a
Ordinary
100%
Luxury sports car distributor
AM Nurburgring Racing Limited**
Ordinary
100%
Dormant company
Aston Martin Japan GK**<<
Ordinary
100%
Operator of the sales office in Japan and certain other
countries in the Asia Pacific region
Aston Martin Lagonda \u2013 Asia Pacific PTE Limited**>>
Ordinary
100%
Operator of the sales function in Singapore and certain
other countries in the Asia Pacific region
AMWS Limited**\u25ca (liquidated on 25 September 2024)
Ordinary
0%***
Holding company
Aston Martin Works Limited**
Ordinary
50%***
Sale, servicing and restoration of Aston Martin cars
All subsidiaries are incorporated in England and Wales unless otherwise stated. \u25ca Incorporated in Jersey (tax resident in the UK) ^ Incorporated in the USA > Incorporated in Germany << Incorporated in Japan >> Incorporated in Singapore \u221a Incorporated in the People\u2019s Republic of China * Held directly by Aston Martin Lagonda Global Holdings plc ** Held indirectly by Aston Martin Lagonda Global Holdings plc *** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 154\u2013158. 33 GROUP COMPANIES CONTINUED Aston Martin Works Limited 2024 \u00a3m AMWS Limited 2024 \u00a3m Aston Martin Works Limited 2023 \u00a3m AMWS Limited 2023 \u00a3m Total assets 28.6 \u2013 45.3 \u2013 Total liabilities (3.5) \u2013 (4.1) \u2013 Net assets 25.1 \u2013 41.2 \u2013 Revenue 33.8 \u2013 42.0 \u2013 Profit/(loss) before tax 0.5 (0.6) 2.5 \u2013 Group\u2019s share of profit/(loss) 0.3 (0.3) 1.3 \u2013 Registered addresses Aston Martin Holdings (UK) Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Capital Holdings Limited 28 Esplanade, St Helier, JE2 3QA, Jersey Aston Martin Investments Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Capital Limited 28 Esplanade, St Helier, JE2 3QA, Jersey Aston Martin Lagonda Group Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda of North America Incorporated Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America Lagonda Properties Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda Pension Trustees Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England AM Brands Limited 28 Esplanade, St Helier,JE2 3QA, Jersey Aston Martin Lagonda of Europe GmbH Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany AML Overseas Services Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda (China) Automobile Distribution Co., Ltd Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road, Huangpu District,
Aston Martin Aston Martin
Works Limited AMWS Limited Works Limited AMWS Limited
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Total assets
28.6
\u2013
45.3
\u2013
Total liabilities
(3.5)
\u2013
(4.1)
\u2013
Net assets
25.1
\u2013
41.2
\u2013
Revenue
33.8
\u2013
42.0
\u2013
Profit/(loss) before tax
0.5
(0.6)
2.5
\u2013
Group\u2019s share of profit/(loss)
0.3
(0.3)
1.3
\u2013
Registered addresses
Aston Martin Holdings (UK) Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Holdings Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Investments Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Lagonda Group Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda of North America Incorporated
Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America
Lagonda Properties Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Pension Trustees Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
AM Brands Limited
28 Esplanade, St Helier,JE2 3QA, Jersey
Aston Martin Lagonda of Europe GmbH
Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany
AML Overseas Services Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd
Unit 2901,
Raffles
City Office Tower, No. 268 Xi Zang Middle Road, Huangpu District,
Shanghai, China 200001
AM Nurburgring Racing Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Japan GK
1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan
Aston Martin Lagonda \u2013 Asia Pacific PTE Limited
Baker & McKenzie Singapore \u2013 8 Marina Boulevard, #05-02 Marina Bay Financial
Centre, Singapore 018981
AMWS Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Works Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-702": { "value": "Investments in subsidiary undertakings
Proportion of
voting rights
Subsidiar
y
undertakin
g
s
Holdin
g
and shares held
Nature of business
Aston Martin Holdings (UK) Limited*
Ordinary
100%
Dormant company
Aston Martin Capital Holdings Limited**\u25ca
Ordinary
100%
Financing company holding the Senior Secured Notes
Aston Martin Investments Limited**
Ordinary
100%
Holding company
Aston Martin Capital Limited**\u25ca
Ordinary
100%
Dormant company \u2013 financing company that held Senior
Secured Notes that were repaid in 2017
Aston Martin Lagonda Group Limited**
Ordinary
100%
Holding company
Aston Martin Lagonda of North America Incorporated**^
Ordinary
100%
Luxury sports car distributor
Lagonda Properties Limited**
Ordinary
100%
Dormant company
Aston Martin Lagonda Pension Trustees Limited**
Ordinary
100%
Trustee of the Aston Martin Lagonda Limited
Pension Scheme
Aston Martin Lagonda Limited**
Ordinary
100%
Manufacture and sale of luxury sports cars, the sale of
parts, brand licensing and motorsport activities
AM Brands Limited**\u25ca
Ordinary
100%
Non-trading company
Aston Martin Lagonda of Europe GmbH**>
Ordinary
100%
Provision of engineering and sales and marketing services
AML Overseas Services Limited**
Ordinary
100%
Dormant company
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd**\u221a
Ordinary
100%
Luxury sports car distributor
AM Nurburgring Racing Limited**
Ordinary
100%
Dormant company
Aston Martin Japan GK**<<
Ordinary
100%
Operator of the sales office in Japan and certain other
countries in the Asia Pacific region
Aston Martin Lagonda \u2013 Asia Pacific PTE Limited**>>
Ordinary
100%
Operator of the sales function in Singapore and certain
other countries in the Asia Pacific region
AMWS Limited**\u25ca (liquidated on 25 September 2024)
Ordinary
0%***
Holding company
Aston Martin Works Limited**
Ordinary
50%***
Sale, servicing and restoration of Aston Martin cars
All subsidiaries are incorporated in England and Wales unless otherwise stated. \u25ca Incorporated in Jersey (tax resident in the UK) ^ Incorporated in the USA > Incorporated in Germany << Incorporated in Japan >> Incorporated in Singapore \u221a Incorporated in the People\u2019s Republic of China * Held directly by Aston Martin Lagonda Global Holdings plc ** Held indirectly by Aston Martin Lagonda Global Holdings plc *** The Group exercises management control of these legal entities and therefore the results, assets and liabilities have been wholly included in the Consolidated Financial Statements. The individual results, aggregate assets and aggregate liabilities included within the Consolidated Financial Statements are summarised on pages 154\u2013158. 33 GROUP COMPANIES CONTINUED Aston Martin Works Limited 2024 \u00a3m AMWS Limited 2024 \u00a3m Aston Martin Works Limited 2023 \u00a3m AMWS Limited 2023 \u00a3m Total assets 28.6 \u2013 45.3 \u2013 Total liabilities (3.5) \u2013 (4.1) \u2013 Net assets 25.1 \u2013 41.2 \u2013 Revenue 33.8 \u2013 42.0 \u2013 Profit/(loss) before tax 0.5 (0.6) 2.5 \u2013 Group\u2019s share of profit/(loss) 0.3 (0.3) 1.3 \u2013 Registered addresses Aston Martin Holdings (UK) Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Capital Holdings Limited 28 Esplanade, St Helier, JE2 3QA, Jersey Aston Martin Investments Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Capital Limited 28 Esplanade, St Helier, JE2 3QA, Jersey Aston Martin Lagonda Group Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda of North America Incorporated Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America Lagonda Properties Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda Pension Trustees Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England AM Brands Limited 28 Esplanade, St Helier,JE2 3QA, Jersey Aston Martin Lagonda of Europe GmbH Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany AML Overseas Services Limited Banbury Road, Gaydon, Warwickshire, CV35 0DB, England Aston Martin Lagonda (China) Automobile Distribution Co., Ltd Unit 2901, Raffles City Office Tower, No. 268 Xi Zang Middle Road, Huangpu District,
Aston Martin Aston Martin
Works Limited AMWS Limited Works Limited AMWS Limited
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Total assets
28.6
\u2013
45.3
\u2013
Total liabilities
(3.5)
\u2013
(4.1)
\u2013
Net assets
25.1
\u2013
41.2
\u2013
Revenue
33.8
\u2013
42.0
\u2013
Profit/(loss) before tax
0.5
(0.6)
2.5
\u2013
Group\u2019s share of profit/(loss)
0.3
(0.3)
1.3
\u2013
Registered addresses
Aston Martin Holdings (UK) Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Holdings Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Investments Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Capital Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Lagonda Group Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda of North America Incorporated
Floor 22, 11 West 42nd Street, New York, NY, 10036-8002, United States of America
Lagonda Properties Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Pension Trustees Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
AM Brands Limited
28 Esplanade, St Helier,JE2 3QA, Jersey
Aston Martin Lagonda of Europe GmbH
Gottlieb-Daimler-Strasse 30, 53520 Meuspath, Germany
AML Overseas Services Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Lagonda (China) Automobile Distribution Co., Ltd
Unit 2901,
Raffles
City Office Tower, No. 268 Xi Zang Middle Road, Huangpu District,
Shanghai, China 200001
AM Nurburgring Racing Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
Aston Martin Japan GK
1-2-3 Kita-Aoyama, Minato-ku, Tokyo 107-0061, Japan
Aston Martin Lagonda \u2013 Asia Pacific PTE Limited
Baker & McKenzie Singapore \u2013 8 Marina Boulevard, #05-02 Marina Bay Financial
Centre, Singapore 018981
AMWS Limited
28 Esplanade, St Helier, JE2 3QA, Jersey
Aston Martin Works Limited
Banbury Road, Gaydon, Warwickshire, CV35 0DB, England
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-670": { "value": "34 ALTERNATIVE PERFORMANCE MEASURES In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (\u2018APMs\u2019). The Directors exercise judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. The Directors believe that these APMs assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used internally by the Directors to measure the Group's performance. The key APMs that the Group focuses on are as follows: i) Adjusted EBT is the profit/(loss) before tax and adjusting items as shown in the Consolidated Income Statement. ii) Adjusted EBIT is operating profit/(loss) before adjusting items. iii) Adjusted EBITDA removes depreciation, profit/(loss) on sale of fixed assets and amortisation from adjusted EBIT. iv) Adjusted operating margin is adjusted EBIT divided by revenue. v) Adjusted EBITDA margin is Adjusted EBITDA (as defined above) divided by revenue. vi) Adjusted earnings per share is profit/(loss) after tax before adjusting items as shown in the Consolidated Income Statement, divided by the weighted average number of ordinary shares in issue during the reporting period. vii) Net debt is current and non-current borrowings in addition to inventory repurchase arrangements and lease liabilities, less cash and cash equivalents and cash held not available for short-term use as shown in the Consolidated Statement of Financial Position. viii) Adjusted leverage is represented by the ratio of net debt to the last 12 months (LTM) Adjusted EBITDA. ix) Free cash flow is represented by cash inflow/(outflow) from operating activities less the cash used in investing activities (excluding interest received and cash generated from disposals of investments) plus interest paid in the year less interest received. The adjusted financial measures above (EBT, EBIT, EBITDA, operating margin, EBITDA margin, and earnings per share) are also used by securities analysts and investors to monitor progress of the business against its core operating objectives after removing the separately disclosed adjusting items. EBITDA gives an insight into the Group\u2019s operating performance by excluding investing and financing activity. EBIT represents the returns available from the business without financing charges and therefore can be used to model potential shareholder returns were the capital structure of the Group to change. Net debt provides a view of the total indebtedness of the Group which includes certain liabilities presented in alternative captions of the accounts, such as lease liabilities, in one single place to aid easier understanding to users of the accounts. Adjusted leverage forms the basis for the Group\u2019s covenant test, and therefore year on year progress in this metric is useful to analysts and investors. Finally, free cash flow is used to measure potential surplus cash flows from operating activities after investment in future products and debt servicing which could be used by the Group to repay debt, return to shareholders, or be used for other investing activities. All APMs disclosed are consistent with the prior year except for the definition of the Free cash flow APM, which has been amended to exclude proceeds from the disposal of investments (note 15) which is a new transaction type for the Group in 2024. This change has no impact on the amount disclosed in previous financial periods. The change has been made to ensure all APMs continue to reflect the underlying performance of the group and provide ongoing comparability of information across both past and future reporting periods by removing from the performance measure a transaction which is not related to the core activities of the Group. Consolidated Income Statement
2024 2023
\u00a3m \u00a3m
Loss before ta
x
(289.1)
(239.8)
Adjusting operating expenses (note 5)
16.7
31.5
Adjusting finance income (notes 5, 7)
(18.8)
\u2013
Adjusting finance expense (notes 5, 8)
35.7
36.5
Adjusted loss before tax (EBT)
(255.5)
(171.8)
Adjusted finance income (note 7)
(7.1)
(74.3)
Adjusted finance expense (note 8)
179.8
166.4
Adjusted operating loss (EBIT)
(82.8)
(79.7)
Adjusted operating margin
(5.2%)
(4.9%)
Reported depreciation
84.4
99.6
Reported amortisation
269.3
283.4
Loss on sale/scrap of property, plant and equipment
0.1
2.6
Adjusted EBITDA
271.0
305.9
Adjusted EBITDA margin
17.1%
18.7%
Earnings per ordinary share
2024 2023
\u00a3m \u00a3m
Adjusted earnings per ordinary share
Loss available for equity holders (\u00a3m)
(323.5)
(228.1)
Adjusting items (note 5)
Adjusting items before tax (\u00a3m)
33.6
68.0
Tax on adjusting items (\u00a3m)
\u2013
\u2013
Adjusted loss (\u00a3m)
(289.9)
(160.1)
Basic weighted average number of ordinary shares (million)
832.4
748.2
Adjusted loss per ordinary share (pence)
(34.8p)
(21.4p)
Adjusted diluted earnings per ordinary share
Adjusted loss (\u00a3m)
(289.9)
(160.1)
Diluted weighted average number of ordinary shares (million)
832.4
748.2
Adjusted diluted loss per ordinary share (pence)
(34.8p)
(21.4p)
Net debt
2024 2023
\u00a3m \u00a3m
Opening cash and cash equivalents
392.4
583.3
Cash inflow from operating activities
123.9
145.9
Cash outflow from investing activities
(374.8)
(383.4)
Cash inflow from financing activities
215.8
59.7
Effect of exchange rates on cash and cash equivalents
2.3
(13.1)
Cash and cash equivalents at 31 Decembe
r
359.6
392.4
Borrowings
(1,387.3)
(1,069.7)
Lease liabilities
(96.6)
(97.3)
Inventory repurchase arrangement
(38.4)
(39.7)
Net debt
(1,162.7)
(814.3)
Adjusted EBITDA
271.0
305.9
Adjusted leverage
4.3
x
 2.7x
Free cash flow
2024 2023
\u00a3m \u00a3m
Net cash inflow from operating activities
123.9
145.9
Cash used in investing activities (excluding interest received and cash generated from disposal of investments)
(400.6)
(396.9)
Interest paid less interest received
(114.9)
(109.0)
Free cash flo
w
(391.6)
(360.0)
", "dimensions": { "concept": "astonmartinlagondaglobalholdingsplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Banbury Road, Gaydon Warwick, CV35 0DB, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800167WOVOK5ZC776", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }